Total reductions each month are (.0765+11.75+.085+0.30)*4520 = 2617.08, leaving 1902.92 for savings each month
for each dollar saved, you get
0.75*0.0525 + 0.25*0.038 = 0.048875
So multiply that by 2*1902.92 to get the interest earned in two months
Your gross income is $4,520.00/month. Your deductions are FICA (7.65%), federal tax withholding (11.75%), and state tax withholding (8.5%). Your fixed expenses are 30% of your realized income. You saved 5 months' worth in an emergency fund, placing 75% in a 60-day CD at a 5.25% APR and the rest in a regular savings account at a 3.8% APR. How much is the total interest earned between both accounts in 60 days?
2 answers
these nuts