Canadian High Interest Savings Bank Accounts

Roc said:

Looking at People's Trust financial statement for 2007, it reads NET INCOME $7,585 in "thousands of dollars". My question to you guys is: Did they make $7,585,000.00 or $7,585,000,000.00??? You can check it out at their website:

http://www.peoplestrust.com/financials.htm

Roc

Roc said:

Attention Math Wizards:

What are some of the formulas to calculating interest? I know that simple interest is calculated using I = Prt (Interest = Principle x rate x time). There must be another formula out there? I have a 1YR GIC with Outlook Financial paying 3.55% on $126,500.00 and I'd like to know what's my balance at year end? In my case that would be : ($4490.75=$126,500.00×0.0355×1)????(My math is so bad that I require a calculator just to answer the skill testing math question in order to write this blog!!!!)

thanks

You are not qualified to make any statements regarding their profitability so please refrain from making such brash statements as if you know what you are talking about when you don't.
Thank you.

Edit by admin: We certainly appreciate you sharing your experiences, but please only post the same things once. See here for Binky's post.