Working out intrest on Excel?

Jackjack21

Hi,

I was wondering if someone would be able to help me on how to work out how much interest i would be paid out from an amount?

For example if i have £20 in my bank and my interest rate is 2.5% it will tell me that i get so much a month?

I used to have the formulas in excel for this however i have lost them.

(Not sure if ive posted in the correct section)

Thanks,

Jack

Aegis

Set up a sheet with the tax rate you pay in Cell C2 (i.e. 0, 20 or 40), put your initial lump sum in A2 and the gross interest rate in B2, then use this formula in A3 for monthly interest:

=A2+A2*($B$2/1200)*(100-$C$2)/100

Drag and drop as usual to add the extra months.

Lokolo

You don't need excel

£20 / 100 * 2.5 = yearly interest

divide this by 12 to get monthly or divide by 365.25 to get daily (which you can then times by 7 to get weekly, or 30 days for 30 day month, 31 for 31 day month etc.)

ali137

Use the MSE saving tool, its at the bottom of the page in the link below:money:

http://www.moneysavingexpert.com/savings/savings-accounts-best-interest?utm_source=18november&utm_medium=email&utm_content=link1&utm_campaign=top5links