Calculating Interest
ACID
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sorry for the silly question
but have to ask
if a normal cash isa is offering 3% for the year
how much interest would I gain if:
a) I deposited the full £5340 at the beginning of the current tax year
and
b) in monthly increments of £445, totaling £5340 at the end of the year.
Thanks if you can answer.
but have to ask
if a normal cash isa is offering 3% for the year
how much interest would I gain if:
a) I deposited the full £5340 at the beginning of the current tax year
and
b) in monthly increments of £445, totaling £5340 at the end of the year.
Thanks if you can answer.
0
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Replies
(a) = £160.20
(b) = ~£88 (exact number depends on which days of the month you deposit the monthly payments)
b) £445 x 12 x 0.03 / 12 x 6.5 = £86.77
'b' assumes you make the first instalment on 6th April and the last one on 6th March