Interest on my overdraft

danhenshy23

Hello,

Apologies if this is not posted in the correct forum.

I have just received a letter from my bank saying that the interest free part of my student overdraft is decreasing at the end of July.

This will mean that I will have £600 which will be interest chargable.

With a rate of 17.81% EAR, how much interest can I expect to be paying a month?


Thanks in advance for any help

bottleofred

Hi,

I think the amount you should pay can be calculated as follows:

600*17.81%=£106.86/12= £8.91 interest per month

I hope this is correct and of use

Bottle of Red

GeorgeUK

Could you apply for a postgraduate overdraft?

danhenshy23

Thanks, thats alot of help.

I'm not too sure about a graduate overdraft. I'll have to check that out