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Excel calc for working our interest on a regular saver account.

smiffy · 2009-10-04 11:43:06

Hi, Can someone help me create a spread sheet that will work out the interest on my kids savings accounts. The rate for the 1st year is 5% AER. Each month we invest £300. At the end of the year we can then remove the £3600 +plus the interest. I'm trying to work out the interest each month. thanks

Comments

oldwiring Posts: 2,452 Forumite

6 October 2009 at 9:03PM

rb10 wrote: »

No. All the interest is paid at the end of the year. This is why the calculation of [monthly payment]*[interest rate]*6.5 works, where the monthly payment is the same each month.

Average balance :(2n+1)/2, where n= no of instalments, eh?:D

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