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<center><h1>Interest 101</h1></center>
<h3>By Anushka Patel</h3>
<p>
Here are some terms you should know:
Savings account= An account where the bank pays interest for the use of the money you put in the account.
Interest rate= based off of interest rate and principal amount(balance)
Annual percentage rate(APR)= annual interest rate that is paid by a bank, and is expressed as a percent.
Simple interest= intrest based on the original amount(principal)
Statement savings= An account in which you receive a monthly statement showing your activity, including deposits, withdrawals, interest earned, and any fees.
Minimum balance= with certain accounts a fee is charged if the amount is below the minimum. Some banks do not pay interest if a savings account falls below the minimum balance.
Money market account= a higher interest rate, but usually requires a greater initial deposit and it has a greater minimum balance requirement. You may be limited to a certain number of transactions per month in a money market account.
Certificate of deposit (CD)= A certificate that says you have a specific sum on deposit and guarantees the payment of a fixed interest rate until maturity(specified data in the future). Maturity dates can be from 1 week to 10 years. Typically the higher the term the higher the interest rate. You can not make deposits or withdrawals from a CD without a penalty.
Compound interest= money earned on money deposited plus previous interest
Here are different ways of computing interest:
Annual compounding= interest is compounded once a year
Semiannual compounding= interest is compounded twice times per
year (every 6 months)
Quarterly compounding= interest is compounded four times per
year(every 3 months)
Daily compounding= interest is compounded every day; there
are 365 days in a year and 366 days in a leap year
Important Equations to know when calculating interest:
I=Prt
Where:
I= interest
P=principal (balance)
r= yearly interest rate expressed as a decimal
t= the number of years
What to look for when choosing a savings account at a bank:
All banks report interests rates as annual rates. When choosing a savings account at a bank, or which bank to use, compare the interest rates. Also consider penalties, fees, minimum balances, and other banking service.
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