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help me do a small calculation
caz_4321
Posts: 8 Forumite
Hi,
I have just had word that my student account is being transfered to a current account with RBS. I have an outstanding overdraft of £500. I want to know roughly what the additional charge would be each month, I have been paying it off at around £30 per month. rates below (but they confuse me)
Type of accountNominal monthly rate %Nominal annual rate %EAR % variableInterest Paying Current Account
All amounts1.4817.7319.24
THAnKS!!!
I have just had word that my student account is being transfered to a current account with RBS. I have an outstanding overdraft of £500. I want to know roughly what the additional charge would be each month, I have been paying it off at around £30 per month. rates below (but they confuse me)
Type of accountNominal monthly rate %Nominal annual rate %EAR % variableInterest Paying Current Account
All amounts1.4817.7319.24
THAnKS!!!
0
Comments
-
Interest accrues daily at:
Closing balance x 17.73% / 365
So £500 will initially accrue 24p per day, or around £7.53 per month.0
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