Many locations require that renters be paid interest on their security deposits. If you have a security deposit of $3,600, how much would you expect to receive in interest per year at 3 percent?

Question

Trevin Phelps

Business

21 November, 02:30

Many locations require that renters be paid interest on their security deposits. If you have a security deposit of $3,600, how much would you expect to receive in interest per year at 3 percent?

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Answers (1)

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Ellie Raymond · Answer 1

So you should expect to receive $108 in interest per year

Explanation:

If you put money on security deposit, it is still your money and you should receive interest for it like when you put money on a bank deposit.

For a $3,600 deposit with 3 percent per year interest, the interest you should be paid would be:

3,600 * 0.03 = $108