function calculateCDInterest() {
var principalAmount = parseFloat(document.getElementById("principalAmount").value);
var annualPercentageYield = parseFloat(document.getElementById("annualPercentageYield").value);
var resultDiv = document.getElementById("result");
resultDiv.innerHTML = ""; // Clear previous results
if (isNaN(principalAmount) || isNaN(annualPercentageYield)) {
resultDiv.innerHTML = "Please enter valid numbers for all fields.";
return;
}
if (principalAmount <= 0 || annualPercentageYield <= 0) {
resultDiv.innerHTML = "Initial deposit and APY must be greater than zero.";
return;
}
// Bank of America 7-Month CD term is a fixed 7 months.
var termInMonths = 7;
var termInYears = termInMonths / 12;
// Calculate the interest earned
var interestEarned = principalAmount * (annualPercentageYield / 100) * termInYears;
// Calculate the total balance
var totalBalance = principalAmount + interestEarned;
resultDiv.innerHTML =
"Calculation Details:" +
"Initial Deposit: $" + principalAmount.toFixed(2) + "" +
"APY: " + annualPercentageYield.toFixed(2) + "%" +
"Term: 7 Months" +
"Estimated Interest Earned: $" + interestEarned.toFixed(2) + "" +
"Estimated Total Balance after 7 Months: $" + totalBalance.toFixed(2) + "";
}
.calculator-container {
font-family: sans-serif;
border: 1px solid #ccc;
padding: 20px;
border-radius: 8px;
max-width: 400px;
margin: 20px auto;
box-shadow: 0 2px 4px rgba(0, 0, 0, 0.1);
}
.calculator-container h2 {
text-align: center;
margin-bottom: 20px;
color: #004a99; /* Bank of America red color */
}
.input-group {
margin-bottom: 15px;
}
.input-group label {
display: block;
margin-bottom: 5px;
font-weight: bold;
color: #333;
}
.input-group input {
width: calc(100% – 12px);
padding: 8px;
border: 1px solid #ccc;
border-radius: 4px;
box-sizing: border-box;
}
.calculator-container button {
background-color: #0070d2; /* Bank of America blue */
color: white;
padding: 10px 15px;
border: none;
border-radius: 4px;
cursor: pointer;
font-size: 16px;
width: 100%;
transition: background-color 0.3s ease;
}
.calculator-container button:hover {
background-color: #005fa3;
}
#result {
margin-top: 20px;
padding: 15px;
background-color: #f0f8ff;
border: 1px solid #e0e0e0;
border-radius: 4px;
text-align: center;
}
#result p {
margin-bottom: 10px;
line-height: 1.5;
}
#result strong {
color: #004a99;
}
A Certificate of Deposit (CD) is a type of savings account that offers a fixed interest rate for a specific term. Bank of America offers various CD terms, including a 7-month option. This calculator helps you estimate the interest you could earn on your initial deposit with a Bank of America 7-month CD, based on its current Annual Percentage Yield (APY).
How Bank of America 7-Month CDs Work:
Initial Deposit: You deposit a sum of money into the CD account.
Fixed APY: The CD will earn interest at a predetermined Annual Percentage Yield (APY) for the entire 7-month term. This rate is typically higher than standard savings accounts.
Term Length: The money is locked in for exactly 7 months. Early withdrawal usually incurs penalties.
Interest Calculation: Interest is calculated based on your initial deposit, the APY, and the term length. For a 7-month CD, the interest earned will be a portion of the annual interest, proportional to 7/12ths of a year.
Understanding APY: APY, or Annual Percentage Yield, reflects the total amount of interest you will earn in a year, including compounding. Even though the CD term is only 7 months, the APY is quoted on an annual basis. Our calculator converts this annual rate to estimate earnings over your specific 7-month term.
Example Calculation:
Let's say you open a Bank of America 7-month CD with an initial deposit of $15,000 and the current APY offered is 4.75%.
Using our calculator:
Initial Deposit: $15,000
APY: 4.75%
Term: 7 Months
The calculator would estimate your interest earned over 7 months. The annual interest would be $15,000 * 0.0475 = $712.50. For a 7-month term, the interest earned would be approximately $712.50 * (7/12) = $415.63. Your total balance after 7 months would be around $15,415.63.
Using the Calculator: Simply enter your initial deposit amount and the current APY offered by Bank of America for their 7-month CD. Click "Calculate Interest Earned" to see your projected earnings and the total balance at the end of the term. This can help you compare CD offers and plan your savings goals.