Working out amount owed

tyllwyd

Hi! I've got a card with several different balance transfers onto it with different expiry dates for the offers, but the interest is reported separately for each transfer and I can't work out how much of the borrowing on the card is on each offer.

One entry for August is
0.008% per day - interest charged £7.03
What is the formula to calculate the amount of money that this interest is charged on?

CLAPTON

if you owe 'C' pound for 'D' days at 0.008% per day interest then the interest over a period is 'I'

so I = C x 0.008% x D

or C = I /(0.008%xD)

so if the period is say 30 days

then C = 7.03/(0.008% x 30) = 2929 approx


.008% daily corresponds to about 2.92% per year

tyllwyd

Brilliant, thank you!