Question about overdraft interest??

BOBS

This is probably easy maths when you know how!!
Can you tell me if I apply and manage to get a £2500 overdraft (the paperwork with my current account says should be able to) how much interest would I be charged.
Planning to have repaid by beginning of April 2010 at the very latest - careful budgeting!!
My account says interest on debit balance 8.990%.
Thanks :beer:

LeeSouthEast

About £20 a month, off the top of my head.

CLAPTON

if your OD was 2500 for the full month the interest would be

2,500 x 8.99% /12 = 18.73 approx

however, presumably the OD would be a lot less some of the time (i.e. when you salary is paid in ) so treat that as a maximum

BOBS

Thanks LeeSouthEast and Clapton - that helps loads!!!!!!!!!!!!

LeeSouthEast

Yay, my brain still functions.