What are the differences among daily, weekly, biweekly, semimonthly, and monthly pay periods?

Expert Solution

Daily periods

Daily periods mean that the payment is made evry day. Interest is compunded on daily basis. For example, $10000 is earns in an account daily @1% per day effective. So, the interest will be charged on firat day payment then on second payment and so on.

Weekly period

It means that the payments are made ones in every week. Interest is compounded on weekly basis. For exar, $10000 is earns in an account @2% weekly effective.So, the interest will be charged on the amount presnt in account on first week then on second week and so on.

Bi-weekly period

It means that the payments are made ones in two weeks. Interest is compunded on ones in every two weeks. For example, $10000 earns in an account@2% bi weekly effective. So, the interest will be charged on the amount presnt in the account in first two weeks then on next two weeks and so on.

Semi-monthly period

It means that the payments are made two time in a month. Interest is compunded on ones in every 15 days or half month. For example, $10000 earns in an account @4% per half a month effective. So, the interest will be charged on the amount presnt in the account in first 15 days then on next 15 days and so on.

Monthly basis

It means that the payments are made ones in a month. Interest is compunded each month. For example, $10000 earns in an account @5% per month effective. So, the interest will be charged on the amount presnt in the account in first month then on the amount presnt in the account in Second month and so on.

ekkarill92 answered 1 year ago

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