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| *The Commerce Journal>>>Personal Finance |
Opening a Certificate of Deposit and how much can be earned total? |
I am trying to open a CD with bank of america. I have to put in $5000 and the APY is 5.00%. It will stay put for 4 months. How much will I earn after I get back the money? I am guessing $50 in 4 months which is not much? Am I right? Any comments? How does a CD work? Is it safe and will I get all my money back and then some? Is this considered an investment? a CD is a way to invest your money for a certain amount of time for a set interest rate. In order to figure out how much you would earn on a CD you need to know the APY which you say is 5% so you take the amount you are investing, which is 5000 and you multiply that by 0.05, that you will give you the amount you earn in a year, divide that by 12 and it will give you around the amount you earn a month. This is just an estimate. |
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