Wrong calculation of interset?

Lokolo

Hungerdunger wrote: »

derrick - I don't know whether this helps, but I'm in an identical position with the Derbyshire, except that my sum was £100k.

Looking at the passbook I see I received gross interest of £7023.34. I was expecting £7,010 (100k x 7.01%). Multiplying my figure by 1.5 ( to see what I would have got if I'd had £150k) I get £10,535.01, which is significantly more than you received.

Can anyone explain this?

Significant being £20?

edit - i am hungover -

When was yours taken out?

Hungerdunger

Lokolo wrote: »

Significant being £20?

edit - i am hungover -

When was yours taken out?

You are hungover aren't you . The difference between mine factored up and what derrick received is actually £32.06. And yes, to me even £20 is significant.

Like I said, my situation is identical, in that a bond I had upto 31 July 2008 was rolled over into the new one-year bond wef 1 August 2008.

Lokolo

Hungerdunger wrote: »

You are hungover aren't you . The difference between mine factored up and what derrick received is actually £32.06. And yes, to me even £20 is significant.

Like I said, my situation is identical, in that a bond I had upto 31 July 2008 was rolled over into the new one-year bond wef 1 August 2008.

To be quite honest, I know how we can settle this. Derrick, Hunger guy, send me the money

Makes everyone happy.....:rotfl:

I can't even see where this £13 come from ! (the 7010 -> 7023)

derrick

Hungerdunger wrote: »

derrick - I don't know whether this helps, but I'm in an identical position with the Derbyshire, except that my sum was £100k.

Looking at the passbook I see I received gross interest of £7023.34. I was expecting £7,010 (100k x 7.01%). Multiplying my figure by 1.5 ( to see what I would have got if I'd had £150k) I get £10,535.01, which is significantly more than you received.

Can anyone explain this?

Yes but multiplying the correct figure, £7010 would give you £10515, which is the figure I maintain I should have received, but only got £10502.95

YorkshireBoy

What if they used 365.25 days as a year? Does that explain anything?

derrick

Lokolo wrote: »

To be quite honest, I know how we can settle this. Derrick, Hunger guy, send me the money

Would that be the whole interest, the whole pot, or just the disputed amount, (which I haven't got)

Hungerdunger

YorkshireBoy wrote: »

What if they used 365.25 days as a year? Does that explain anything?

Not really, because I'm about £13 up on what I was expecting, and derrick is £12 down.

Lokolo

Hungerdunger wrote: »

Not really, because I'm about £13 up on what I was expecting, and derrick is £12 down.

Can you not send £12 to him?

Then keep the £1 as a tip.

Then everythings equal? :T

derrick

YorkshireBoy wrote: »

What if they used 365.25 days as a year? Does that explain anything?

Why on earth would they use .25 of a day?
Interest on my sum, gross, is £28.80 per day so to .25 it would give £7.20, and my shortfall is £12.05, so it would still not work.

Lokolo

derrick wrote: »

Why on earth would they use .25 of a day?
Interest on my sum, gross, is £28.80 per day so to .25 it would give £7.20, and my shortfall is £12.05, so it would still not work.

Because a year is 365.25 long. That way, every 4 years theres an extra day.

So (365+365+365+366)/4, to get average days in a year is 365.25.