any locations require that renters be paid interest on their security deposits. if you have a security deposit of $2,200, how much interest would you expect to earn per year at 4 percent?

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04-11-2022
Business

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any locations require that renters be paid interest on their security deposits. if you have a security deposit of $2,200, how much interest would you expect to earn per year at 4 percent?

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KrishnaMitra KrishnaMitra · Answer 1 · 2022-11-08T15:21:43-05:00

There are many places where renters must be paid interest on their security deposits. A $2,200 security deposit will result in an interest payment of $88 at a rate of 4%.

Shed light on the concept of personal finance.

Personal finance is about achieving your financial goals, comprehending all the ways to do this (including saving money, investing, managing debt, purchasing a property, and planning for retirement), and creating a strategy to do so. It is also the name of the sector of the economy that offers financial instruments to achieve these objectives.

The following are three crucial terms in personal finance:

Setting up a budget is a crucial step in managing your personal money. You may track your spending habits and plan how much of your income you'll spend each month by using a budget.

Insurance – A significant component of managing your own finances is buying insurance. By getting insurance, such as health insurance, life insurance, auto insurance, and homeowner's insurance, you are securing your financial stability and defending yourself against risk.

Savings — Even if you're just getting started with your personal finances, you should be aware of the importance of setting up an emergency fund to cover unforeseen expenses and a retirement savings plan to assist you in the future.

To solve the question :

Given,

Security deposit = $2,200

Rate of interest = 4 percent

Interest = 2200 × (4/100)

Therefore, interest is $88

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