interest calculation

McKneff

I know this should be easy but my calculator has just died.

If I take £2K out of a savings account, and have to lose 1 months interest (at 2.8%)

How much am I going to lose..

Lokolo

£4.67.

(2000 at 2.8% is £56 a year. £56 divide by 12 to get monthly is £4.66666666666, rounded up to £4.67).

gadgetmind

Lokolo wrote: »

(2000 at 2.8% is £56 a year. £56 divide by 12 to get monthly is £4.66666666666, rounded up to £4.67).

Or, allowing for that 2.8% including compounding ...

1.028^(1/12)=1.0023

0.0023*2000=4.6

So a 7p difference.

Lokolo

gadgetmind wrote: »

Or, allowing for that 2.8% including compounding ...

1.028^(1/12)=1.0023

0.0023*2000=4.6

So a 7p difference.

Pssssh pedant

McKneff

Thanks both, I got to a sort of round about that figure in my head, but wanted to check
regards
Annie