Certificate of Deposit

Archive for December, 2008

Question: lost Certificate Of Deposit can i get another one and how do i get another one? Am i out of luck?

Answer: Your bank is required to keep a record.
Tell them you lost it, there shouldn’t be a problem. Small fee maybe.

Finance: Investing & Saving : What Is a Certificate Of Deposit?

Question: How much would a CD (Certificate of Deposit) be worth if?

I have a question about a CD (Certificate of Deposit) that you would put money on at the bank.

If a CD has gained $17.22 in interest in one year, how much money is likely to be on that CD? I don’t know how much the interest rate is, but it was set up about 10 years ago. I don’t know how much interest rates usually are or how much they were then.

Can someone help?
Can you give me a guesstimate on what interest rates usually are?

Answer: I assume the CD in question isn’t yours or you would have the answers to your questions. Are you sure you’re dealing with a 10 year CD? That seems a really long term CD. .

Math in Daily Life : How to Calculate a Certificate of Deposit

Question: Help me with my math homework please?

please answer these questiosn for me: (1) Ashley’s phone bil went from $32.25 to $18.70 what was the percent of decrease? (2) Joe took out a 5-year loan for $14,7000 to buy a new car. He has to pay 4.9% simple interest on the loan. How much interest will joe have to pay after 5 years? (3) Ben is buying a stereo that costs $899. if the sales tax rate is 4.5%, how much tax will he have to pay on the stereo? (4) Sara earns 5% simple interest on her $2,500 Certificate Of Deposit. How much simple interest will Sara earn in 3 years? (5) Todd went out for lunch and ordered the taco dinner for $7.95 and a soda for $1.50 The total cost included a 6% tax rate. Todd left a tip that was 20% of the total cost. How much did Todd leave for a tip? (6) Karl’s bowling score went from 174 to 205. What was the percent of increase? please help me with these! theres more questions, i already asked in a previous question, if u can check them out. please do it. thanks!

(8th grades)

Answer: 1. To find the percent of decrease you have to first find how much it decreased by:

32.25 – 18.70 = 13.55

Then to find the percent of decrease you have to divide 13.55 by 32.25:

13.55/32.25 = approx. 0.42 (the percent of decrease is 0.42, which is 42%)

2. To find out how much Joe has to pay after 5 years, you have to take it one year at a time (I assumed by 14,7000 you meant 14,700. If not I’m sorry, but you can still hopefully figure it out):

1st year: Joe will have to pay $14700 + 4.9% of that:

14,700*.049 = 720.3, so Joe has to pay 14,7000 + 720.3 = $15,420.3

2nd year: Joe will have to pay $15,420.3 + 4.9% of that:

15,420.3*.049 = 755.59, so Joe has to pay 15,420.3 + 755.59 = $16,175.89

3rd year: Joe will have to pay $16,175.89 + 4.9% of that:

16,175.89*.049 = 792.62, so Joe has to pay 16,175.89 + 792.62 = $16,968.51.

4th year: Joe will have to pay 16,968.51 + 4.9% of that:

16,968.51*.049 = 831.46, so Joe has to pay 16,968.51 + 831.46 = $17,799.97

5th year: Joe will have to pay 17,799.97 + 4.9% of that:

17,799.97*.049 = 872.20, so Joe has to pay 17,799.97 + 872.20 = $18,672.17

Whew! So after all that, we know that he started out with a $14,700 loan, and he has to pay back $18,672.17 after 5 years. To answer the question, we need to find out how much total interest he had to pay, so:

18,672.71 – 14,700 = $3,972.71 (that’s your answer)

3. Ben has to pay $899 + 4.5% of that:

899*.045 = $40.46, so that’s how much tax he has to pay (that’s the answer)

4. Once again, we have to take it one year at a time:

1st year: Sara has $2,500 + 5% of that.

2500*.05 = 125. So Sara has 2500 + 125 = $2,625

2nd year: Sara has $2,625 + 5% of that.

2625*.05 = 131.25, so Sara has 2625 + 131.25 = $2,756.25

3rd year: Sara has $2,756.25 + 5% of that.

2756.25*.05 = 137.81, so Sara has 2756.25 + 137.81 = $2,894.06

So at the beginning, Sara has $2,500. After 3 yrs, she has $2,894.06. So she earned $2894.06 – $2500 = $394.06 (that’s your answer)

5. First we have to find the total cost:

$7.95 + $1.50 = $9.45

Then, the sales tax was 6%, so he actually had to pay $9.45 + 6% of that.

9.45*.06 = 0.57, so he had to pay $9.45 + $0.57 = $10.02

So the question asked how much Todd left for a tip. He left 20% of the total ($10.02) as a tip.

10.02*.20 = 2.00 ($2 is your answer)

6. To find the percent increase you have to first figure out the difference:

205 – 174 = 31. To find the percent increase you divide 31 by 174 = 0.18. So it had an 18% increase.

hope this helped!

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