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Help with calculating interest.

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Is anyone able to help please. I need to calculate the interest that a basic savings account would pay on the following. The amount is £10,328.50 and the period off time is between 24 sept 09 to t… Read More
leecroot Avatar
7y, 3m agoPosted 7 years, 3 months ago
Is anyone able to help please. I need to calculate the interest that a basic savings account would pay on the following.

The amount is £10,328.50 and the period off time is between 24 sept 09 to today.

Thanks in advance. Lee
leecroot Avatar
7y, 3m agoPosted 7 years, 3 months ago
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#1
Is anyone able to help please. I need to calculate the interest that a basic savings account would pay on the following.

The amount is £10,328.50 and the period off time is between 24 sept 09 to today.

Thanks in advance. Lee



What is the interest rate? :?
#2
whast the rate? :lol:
#3
thesaint
What is the interest rate? :?


We nee:thumbsup:d the interest rate plus when you withdraw is there any charge
#4
Im not sure, its a bit complicated. I would imagine that it would have to calculated on whatever a high street banks basic interest rate is. I was thinking about 2.5%. I worked it out to about £100
1 Like #6
leecroot
Im not sure, its a bit complicated. I would imagine that it would have to calculated on whatever a high street banks basic interest rate is. I was thinking about 2.5%. I worked it out to about £100


It would be ~£115.
"Depends" on a lot of factors. Withdrawals, compound interest etc etc.
1 Like #7
@2.5% you're looking at approx £112.48

EDIT : sorry, my mistake, about £123.10
#8
thesaint
It would be ~£115.


Thanks for that. Its a bit complicated, no factors to consider. I just needed to know if that money had been in a bank earning interest for that period off time what the interest would be.
#9
leecroot
Thanks for that. Its a bit complicated, no factors to consider. I just needed to know if that money had been in a bank earning interest for that period off time what the interest would be.


So basically you have borrowed money to somebody and try to find out how much to charge for it? :P
#10
MarvinHC
So basically you have borrowed money to somebody and try to find out how much to charge for it? :P


A bit more complicated than that. It was a kind off loan but I didnt have any choice in the matter!!!!!!!
1 Like #11
leecroot
A bit more complicated than that. It was a kind off loan but I didnt have any choice in the matter!!!!!!!


ok... I would keep it simple:
Basically the time period is roughly 6 months given and take a couple of days. So just use whatever interest rate you thinks is appropriate and take half a years interest. So for 10 grand, half a year at 2% for example, that's £100
If you think 3% is the right rate, make it £150

Good luck with the negotiations with who ever owes you the money ;)
#12
MarvinHC
ok... I would keep it simple:
Basically the time period is roughly 6 months given and take a couple of days. So just use whatever interest rate you thinks is appropriate and take half a years interest. So for 10 grand, half a year at 2% for example, that's £100
If you think 3% is the right rate, make it £150

Good luck with the negotiations with who ever owes you the money ;)


I havnt got any say in the interest that is being paid. Im kind off thinking between 2 and 3 %.

Its related to a criminal matter so im not sure what the rate is going to be!
#13
leecroot
I havnt got any say in the interest that is being paid. Im kind off thinking between 2 and 3 %.

Its related to a criminal matter so im not sure what the rate is going to be!


That's a matter of judgment, but somewhere in the 2-3% range. For example firstdirect offer today a 2.6% rate fixed for 12 months for amounts bigger than £2000

But in any case, the difference is not huge, you turn around £100 to £150 at the very max. I'd say.
#14
MarvinHC
That's a matter of judgment, but somewhere in the 2-3% range. For example firstdirect offer today a 2.6% rate fixed for 12 months for amounts bigger than £2000

But in any case, the difference is not huge, you turn around £100 to £150 at the very max. I'd say.


Thats roughly what i had worked out. Have left you some rep. Cheers.
#15
Interest dropped to 0.5% don't forget...

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