Interest rate?

Discussion in 'Off-Topic' started by Lightfire, Feb 4, 2012.

  1. Lightfire

    Thread Starter Well-Known Member

    Oct 5, 2010
    690
    21
    I looked in a famous bank here in Ph and look at interest rates.

    Ammm, the minimum balance to earn interest is P10,000 (pesos) and the interest rate is 0.25%. O_O

    Questions:
    1. is interest rate per annum (year)?
    2. if so. if i have 10,000 in the bank (in a year) so i have earned an interest of 2500 ? wow

    thnx
     
  2. MrChips

    Moderator

    Oct 2, 2009
    12,440
    3,360
    1. Yes
    2. No. It is 25.
     
  3. Georacer

    Moderator

    Nov 25, 2009
    5,142
    1,266
    Some banks give lower interest, but give returns every month. Small letters ftw.
     
  4. spinnaker

    AAC Fanatic!

    Oct 29, 2009
    4,884
    1,001

    Mr. Chips. Why did you need to spoil Lightfire's new found fortune. :)
     
  5. jimkeith

    Active Member

    Oct 26, 2011
    539
    99
    Go to the coin shop and purchase a 1/10oz Chinese Panda
     
  6. maxpower097

    Well-Known Member

    Feb 20, 2009
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    I know if you put like $20 in a bank account and forget about it a couple years you'll make like $3. This is a big part of what everyones fighting about right now. The gov. has made it where income from intrest or investments pays a very low if any tax rate. Money earned by actual work is taxed much higher. Thats why you have Romney, Buffet, and all the other mega wealthy people paying so little in taxes. And then comparing it to their secretaries salaries that are in a way higher tax bracket.

    And heres how someone in my family does it. I believe they are worth around 20 million. With 0 investments and just storing that money in the bank, may be a CD but its totally safe and can't be lost. they earn $150,000 a year in interest. So each year their savings go up by around $150,000 from that alone. Not to mention they also make huge sums of money by buying land the city or state is gonna need in 2 months then selling it to them for 5 times what they paid. And no this isn't legal they have someone high up telling them what to buy.
     
  7. tracecom

    AAC Fanatic!

    Apr 16, 2010
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    $3 in interest on $20 for 2 years is 7.5% per year. I wish I knew where I could get that on FDIC insured investments.
     
  8. joeyd999

    AAC Fanatic!

    Jun 6, 2011
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    The money invested *has already been taxed*. By investing it, the money is doing *actual* work by providing capital to someone else to create jobs. It has been *proven repeatedly* that increasing the 'capital gains' rate reduces capital investment, thereby hurting those who's jobs depend on it.

    Who says its safe? Here in the US, the maximum deposit amount that can be insured is $250,000 by the FDIC. Beyond that, you can still lose everything if your bank goes under.

    That is a *very* bad investment! They are 'earning' 0.75% annually on their money. This is less than inflation! Therefore, the purchasing value of their investment is dropping, year over year. They are *losing* money, not making it!

    This is called crony-capitalism. The gov't officials who enable this ought to be drawn and quartered.
     
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