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Anyone Know A Good EAR Balance Calculator?
nutty_girl_2001
Posts: 20 Forumite
I've just had my graduate bank account taken away, and told my overdraft will now be at nearly 20% EAR. What would the monthly charge be at the end of each month on balances of £100, £200 and £500?
Any links to a calculator would be appreciated
Any links to a calculator would be appreciated
0
Comments
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I presume that your degree was not in maths!
That's £100 x EAR (AER) / 100 / 12
So if the AER was 20% that would be
£100 x 20 = £2000
£200 / 100 = £20
£20 / 12 = £1.670 -
I presume that your degree was not in maths!
That's £100 x EAR (AER) / 100 / 12
So if the AER was 20% that would be
£100 x 20 = £2000
£200 / 100 = £20
£20 / 12 = £1.67
It's just as well RayWolfe didn't leave a link to his calculator!
Welcome to the site nutty_girl_2001.
It's nice to be nice! :j0 -
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