Interest Calculator?

Silvafox

Hi, I am looking for a calculator that will work out what the interest should add up to on some money a company has owed me for several years.

Does anyone have a link to one that's accurate please?

ViolaLass

You can do this on any calculator provided you know the initial amount, the interest rate and the number of years.

Silvafox

OK, thanks for that but I'm still not getting it I'm afraid.

If I'm owed £3,700 from a company from Aug/2008 how do I work out what the interest should be up until this date?

[Deleted User]

Hi,

what is the interest rate, has it been constant since Aug/08, I doubt it.

You could maybe use this little tool, just do it in stages, with the different interset rates and varying periods.

Silvafox

[Deleted User] wrote:

Hi,

what is the interest rate, has it been constant since Aug/08, I doubt it.

You could maybe use this little tool, just do it in stages, with the different interset rates and varying periods.

Thanks - I basically need to work out the statutory(?) interest that I'm owed. Which I think is 8%. I need to ask for the money back, with interest, but need to work out how I add the interest from date to date.

[Deleted User]

Hi,

well using that calculator:

£3700 @ 8%, compound, for 2 years [STRIKE]8[/STRIKE] 7 months, no tax, £4513, basic tax £4343, higher tax £4094.

I think if you are getting 8% you should leave it there, you'll be lucky to 3% anywhere else.

ViolaLass

[Deleted User] wrote:

I think if you are getting 8% you should leave it there, you'll be lucky to 3% anywhere else.

S/He's legally entitled to 8% and has given no indication that they will be seeking more.

I make it 3700 * 1.08 * 1.08 * 1.053.. (for two thirds of a year) = £4545.85

[Deleted User]

Hi,

you are correct.

I had used Martin's tool, , to calculate, for 2 years and 7 months, though in my previous post I had said 2 years and 8 months, I will correct it now.

Bottom of class, silly boy.