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Please help me calculate interest for overdraft
xhunter08
Posts: 8 Forumite
I am going to borrow sum of £150 from Lloyds TSB via planned overdraft. Their rates for my type of account are 1.48% per month and 19.3% EAR.
Can someone please help me calculate the interest that I have to pay every month and what does EAR mean?
thanks in advance for any suggestions and comments of this kind.
xhunter.
Can someone please help me calculate the interest that I have to pay every month and what does EAR mean?
thanks in advance for any suggestions and comments of this kind.
xhunter.
0
Comments
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EAR = Effective Annual Rate as an example if you are £100 o/d and left the account for 1 year you would pay £19.30 interest after interest was charged on previous months interest.
In answer to your question it would cost you around £2.22 per month0
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