Calculating Interest Earned on a Money Market Savings?
June 8th, 2010
I’m hoping someone may have some feedback on the following. I’m considering opening up a money market savings account with a deposit of ,000 (ten thousand) that offers a .85% annual percentage yield. What would be the interest earned monthly? Please advise what formula I would use. Thanks so much.
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0.85% is the same as 0.0085, so the annual interest is
$10,000 * 0.0085 = $85
Then divide by 12 to get the monthly interest. It works out to about $7.08 per month. This is truly a terrible deal, even with interest rates declining rapidly right now. You should find a better use for your money.