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How do I use the Bankrate CD calculator?

Follow the steps below to use the Bankrate CD calculator to see how much interest you’ll earn over time: Determine how much money you’d like to put in a CD. CDs generally have early withdrawal penalties if you withdraw money before the term ends. So choose your term carefully. Deposit the amount you wish to sock away as your initial deposit.

How do I use the CD calculator?

The CD Calculator is simple to use. Just follow the five easy steps below: Click on the 'Calculate' button to see the results. The Certificate of Deposit Calculator uses the following formulae: FV = D × (1 + r / n) nt Where: FV = Future Value of the CD, D = Initial deposit amount, r = Nominal annual interest rate in decimal form,

How do I put money in a CD?

Determine how much money you’d like to put in a CD. CDs generally have early withdrawal penalties if you withdraw money before the term ends. So choose your term carefully. Deposit the amount you wish to sock away as your initial deposit. Plug in the number of months – or years – of the CD’s term into the calculator. Finally, add the CD’s APY.

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