what is 1.2% of $70,0000

Question

Is 1.2% of $70,000, $70 or $700.  If I have a certificate of deposit account that will pay me 1.2% and I have $70,000, what is 1.2% of the $70,000 for the first time.  I realize it will keep growing with each interest deposit, but am just wondering what would be the first payment.  Thank you, Malee

Answer 1

1.2% av 70,000=0.012*70,000=8.40

1.2% is so SMALL

bak in the good old daes, normal was bout 6%

Answer 2

I am trying to find out if it is $8.40, $80.40 a month or $800.40 (but I know it will not stay $80.40 or $800.40 per month as that interest is added on each month and changes the $70,000 part of the equation each month.  Thank you.

Answer 3

$8.40, $80,40, or $800.40 a month.