Help required with compound interest

gardeners26

Hi all,new to this site.
An insurance company has been taking premiums by direct debit from my bank account long after the policy was cancelled.They have agreed to refund the overpayments but I need help calculating the interest I have paid as the account from which payments were taken was always overdrawn.Admitedly I should have noticed earlier but I didn't!
There were 44 consecutive payments each of £11.90 at an interest rate of 5%.
Any help would be much appreciated. Thanks,Roy.

rjm2k1

By my reckoning, you paid £523.6 in premiums and including interest this added up to £575.75, meaning they owe you an additional £52.15 You can get an appoximation from here http://www.whatsthecost.com/savings.aspx enter 11.90 per month on a 5% interest rate over 4 years then knock the last four payments off.

nuttynik1965

A very good interest caluclator for download can be found here, on the download page.

http://www.markosoft.net/downloads.html
4th download down.

Very simple to use.