Asked by Anonymous

If my checking account pays 3.4 % interest, how much would I earn per month if I maintain a $24,000.00 balance?
Answered by Ms. Sue
(0.034 * 24,000) / 12 = ?

Answered by paul
Does that mean divided by 12?
Answered by paul
sorry, i don't understand Ms Sue
Answered by Ms. Sue
Yes.

Answered by Ms. Sue
3.4% interest is for a year. You need to divide the year's interest by 12 to find the monthly interest.

Answered by paul
Ms Sue,

I am not a student, just trying to find out this answer for personal reasons. Thanks for your help. I thing I multiply 3.4 time 24000 divided by 12 which is about 600 per month....right
Answered by Ms. Sue
Nope. Sorry.

You need to convert 3.4% to a decimal by moving the decimal point over two places to the left.

3.4% = 0.034

0.034 times $24,000 = your yearly interest

To find how much you'd get a month, divide your yearly interest by 12.

What do you get now?


Answered by paul
816.00 divided by 12 I think
Answered by Ms. Sue
You're right. :-)

So you'd get $68 each month.

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