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    Help with calculating interest.

    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

    15 Comments

    Is anyone able to help please. I need to calculate the interest that a … 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? :?

    whast the rate? :lol:

    thesaint;8122326

    What is the interest rate? :?



    We nee:thumbsup:d the interest rate plus when you withdraw is there any charge

    Original Poster

    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

    leecroot;8122391

    Im not sure, its a bit complicated. I would imagine that it would have to … 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.

    @2.5% you're looking at approx £112.48

    EDIT : sorry, my mistake, about £123.10

    Original Poster

    thesaint;8122444

    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.

    leecroot;8122454

    Thanks for that. Its a bit complicated, no factors to consider. I just … 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

    Original Poster

    MarvinHC;8122709

    So basically you have borrowed money to somebody and try to find out how … 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!!!!!!!

    leecroot;8122983

    A bit more complicated than that. It was a kind off loan but I didnt have … 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

    Original Poster

    MarvinHC;8123076

    ok... I would keep it simple:Basically the time period is roughly 6 … 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 £100If you think 3% is the right rate, make it £150Good 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!

    leecroot;8123138

    I havnt got any say in the interest that is being paid. Im kind off … 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.

    Original Poster

    MarvinHC;8123188

    That's a matter of judgment, but somewhere in the 2-3% range. For example … 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 £2000But 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.

    Interest dropped to 0.5% don't forget...
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