My bank account has a 1.985%/2.034% div rate/yr apy, for $10,000 how much am I looking to receive a mo?I'm just trying to figure out the actual $ amount I will see in my account monthly. Thanks in advance for all responses! |
My bank account has a 1.985%/2.034% div rate/yr apy, for $10,000 how much am I looking to receive a mo?I'm just trying to figure out the actual $ amount I will see in my account monthly. Thanks in advance for all responses! |
If you are letting the interest accrue and compound on to your principal (letting it grow without taking any out) then apply the yield. In this case $203.40 annually or $16.95 per month.
If you are taking the interest as income from the account it would be the rate, as the yield assumes compounding. In that case $198.50 annually or $16.54 per month.