Maths ISA question

isayhello

Hi,

I'm terrible at Maths and am trying to work out the difference in interest I would earn between a 3% rate and 3.35% rate if I was to invest £5340.

I think both rates are correct when I checked and are for Northern Rock, one is their account you can open in the branch and the other is the e-isa. I'm thinking if the difference isn't much I'd rather just go into the branch and open the account especially as I might transfer a previous ISA in as well. I think if you do it in the branch, you can fill in the transfer forms there and then.

Thanks for your help

noh

5340 X 0.0335 = 178.89
5340 X 0.0300 = 160.20
difference 18.69 p.a.

isayhello

noh wrote: »

5340 X 0.0335 = 178.89
5340 X 0.0300 = 160.20
difference 18.69 p.a.

Thankyou, I think I may go for the branch one then for the convenience.

bigfreddiel

isayhello wrote: »

Hi,

I'm terrible at Maths and am trying to work out the difference in interest I would earn between a 3% rate and 3.35% rate if I was to invest £5340.

I think both rates are correct when I checked and are for Northern Rock, one is their account you can open in the branch and the other is the e-isa. I'm thinking if the difference isn't much I'd rather just go into the branch and open the account especially as I might transfer a previous ISA in as well. I think if you do it in the branch, you can fill in the transfer forms there and then.

Thanks for your help

look there's a simpler way - the difference is 3.35 - 3 = 0.35%

5340 x .35 / 100 = 18.69

simples

fjj

MoneySavingUser

and to calculate how much you have at the end is:

amount * (1+int rate as decimal) i.e. 5340 * 1.03 / 5340 * 1.0335