An example of simple interest is a certificate of deposit or

Last updated: 4/17/2023

An example of simple interest is a certificate of deposit or CD as they re more commonly known This is an investment where you agree to leave your deposi untouched for a fixed amount of time and in exchange you are guaranteed a certain percentage interest Below are some CD rates listed in a recent month on banking website for CDs with a 2 year term Use the percentage listed in the APY column as the interest rate 2 yr CD Bank Institution Live Oak Bank MFC Synchrony Bank EVER FO Selle Mae C APY 2 85 As of Fri Feb 15 You and 2 80 As of Fri Feb 15 2 75 As of Fri Feb 15 Term 2 yr 2 yr 2 ST Min Deposit 2900 2000 2900 For a 2900 investment how much more interest would you earn if you chose Live Oak Bank over Salle Mae