+0  
 
0
263
1
avatar+4 

Citi Bk requires a deposit of $15000, will give me $250 bonus after 3 mos. What is its interest rate?

ghkhuang  Aug 22, 2017
 #1
avatar
0

The bonus of $250 is only an incentive, independent of the interest rate !! If the $250 was interest paid to you after 3 months, then: $250/$15,000 =0.0166667 x 4 x 100 =6.67% - This would be your annual interest rate compounded quarterly. As stated, the question doesn't have enough information to find the interest rate. You must give a certain amount of interest money paid to you after a specific period of time. Then we can easily calculate the interest rate paid by the Bank. 

Guest Aug 22, 2017
edited by Guest  Aug 22, 2017

6 Online Users

New Privacy Policy

We use cookies to personalise content and advertisements and to analyse access to our website. Furthermore, our partners for online advertising receive information about your use of our website.
For more information: our cookie policy and privacy policy.