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New MSE Bank Charges Interest Calculator

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Comments

  • Former_MSE_Dan
    Former_MSE_Dan Posts: 1,593 Forumite
    1,000 Posts Combo Breaker
    Just to confirm what martin said, this calculator uses more decimal places when calculating the interest than the CAG one, which should explain the slight differences.

    Dan
    Former MSE team member
  • cazziebo
    cazziebo Posts: 3,209 Forumite
    I sat for a couple of hours last night on the CAG spreadsheets, to find this one in my mailbox today!

    Was much easier to use, although no space to write in what the charges are for - does that matter?

    Anyway - testing it out. LBA away today

    thanks so much (donation on its way when I'm successful - oops nearly said if!)

    Cazzie
    xx
  • Basil_Fawlty
    Basil_Fawlty Posts: 1,531 Forumite
    I notice when I ttried to enter the charges due to be applied on 30th November, it calculated negative interesta nd reduced the amounts.

    How do I list these on the schedule printout without the minus charges in interest? :o
    spacey :)
  • trishdunn
    trishdunn Posts: 3 Newbie
    Has anyone noticed that the day and month reverse once you hit enter? It confused me for a bit. I wasn't sure whether I was, in fact, entering the data correctly. Just seems confusing. Especially when you consider that once you get to this stage, the last thing you need is to be concerned whether or not you're giving accurate information regarding a court case. Yikes. Other than that, I think it's awesome. Of course, it would be great to be able to identify the type of charge as well.

    In any case, THANKS! : )
  • cazziebo
    cazziebo Posts: 3,209 Forumite
    I'm just filing an MCOL claim and want to include an additional £170 in charges from last month (which have been levied since LBA letter)

    How do I do that? The calculator zeros other charges - I don't seem to be able to add them on. (I'm on a mac if that's making the difference)

    Any help gratefully recieved

    Thanks

    Cazzie
  • carrielouise80
    carrielouise80 Posts: 138 Forumite
    hello.

    apologies if this is a really dumb, obvious question...

    But how do you save the calculator spread sheet to your PC? i can only see a print button
  • Edinburghlass_2
    Edinburghlass_2 Posts: 32,680 Forumite
    10,000 Posts Combo Breaker
    Haven't a clue but hopefully someone will come along who knows :)
  • cbmx6
    cbmx6 Posts: 1 Newbie
    MSE_Dan wrote:
    Just to confirm what martin said, this calculator uses more decimal places when calculating the interest than the CAG one, which should explain the slight differences.

    Dan
    I'm not so sure this is true. Can you explain how you came to the figure of 0.0002108 as the daily interest multiplier? To my mind it should be 0.08 divided by 365, which comes to 0.000219178, a very different number. I checked this against one of the CAG google spreadsheets and it appeared to agree with me.
  • Former_MSE_Dan
    Former_MSE_Dan Posts: 1,593 Forumite
    1,000 Posts Combo Breaker
    Hi guys,

    Thanks for the feedback, just thought i would run through some of the issues
    trishdunn wrote:
    Has anyone noticed that the day and month reverse once you hit enter? It confused me for a bit. I wasn't sure whether I was, in fact, entering the data correctly.

    Yep, we spotted that and it's in the pipeline to be switched. Unfortunately i'm reliably informed by the techies that it isn't quite as simpleas you'd think, so watch this space for that one
    Basil_Fawlty wrote:
    I notice when I ttried to enter the charges due to be applied on 30th November, it calculated negative interesta nd reduced the amounts.

    How do I list these on the schedule printout without the minus charges in interest?
    carrielouise80 wrote:
    hello.

    apologies if this is a really dumb, obvious question...

    But how do you save the calculator spread sheet to your PC? i can only see a print button

    For both of these, again it's in the pipeline. However, you can get around it by simply highlighting everything in the Print window (Ctrl+A), Copying it (Ctrl+C), then pasting into your wordprocessor. Then you can edit it, or add charges without interest etc etc. before printing

    cbmx6 wrote:
    I'm not so sure this is true. Can you explain how you came to the figure of 0.0002108 as the daily interest multiplier? To my mind it should be 0.08 divided by 365, which comes to 0.000219178, a very different number. I checked this against one of the CAG google spreadsheets and it appeared to agree with me.


    We used this standard method of calculating daily interest

    i.e. (1.08^(1/365))-1 = 0.000210874


    Hope this helps

    Dan
    Former MSE team member
  • johnbrooks
    johnbrooks Posts: 23 Forumite
    Part of the Furniture Combo Breaker
    Can someone explain how the calculator on this site works and why? It seems to calculate interest from the date of charge up to 12th November 2006. Why not today (or the date of calculation or any date you specify)?.

    Example: Entering a £20 charge paid on 8th October 2003 into the calculator gives £4.96 interest. But if you calculate 3 years plus 80 days (to today) at 8% simple interest the answer is £5.16.

    Can anyone help?
    No reliance should be placed on the above.
This discussion has been closed.
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