Understanding CD rate calculators Here's the information you ... A $1,000 CD deposit makes $50 of interest in a year if the account pays 5% APY. The CD's total balance would be $1,050 at maturity.

Given the APY calculation, you’d have $3,060.55 at the end of the year, so you’d earn a little over $60 in interest. The good news is, you don’t have to understand the formula to take ...