I have 10,000 and get paid interest every 90 days the longer its in there the higher the interest?

Question

If the interest is 8.55% per annum how much would i get? every 3 months?

Answer 1

You would roughly get 213.75. That is if you gave me the APY   NOT the interest rate. What you have to do to calculate this is take 10,000.00 times 0.0855 which gives you $855 for a whole year. Then you divide it by 12 which gives you 71.25 a month and multiply that by 3!!!!!!!

Answer 2

Assuming that the quoted 8.55% is the stated interest rate.  The interest is accrued over 90 days based on a 90/360 interest accrual formula.

Thus your account will get credited for $213.75 in 90 days.

Formula: $10,000 * 0.0855 * 90 / 360