if you place $1,000.00 in a savings account with an interest rate of 5.25%/month how much should you earn in interest at the end of month

Answer 1

To calculate the interest earned on a savings account at the end of the month, you can use the formula for simple interest:

\[ \text{Interest} = \text{Principal} \times \text{Rate} \]

Where:

• Principal = $1,000.00
• Rate = 5.25% (or 0.0525 in decimal form)

Now, plug in the values:

\[ \text{Interest} = 1000 \times 0.0525 = 52.50 \]

So, at the end of the month, you should earn $52.50 in interest.