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Daily interest calculation
choccielover
Posts: 412 Forumite
Silly question and I have looked (may well have missed it...)
What rate do I use when calculating my daily interest?
The rate I am currently on or the APR for comparison which will be the remaining years after my fixed deal ends at the BS std rate.
E.g my new rate will be 2.9 but after 5 years go to 4.99 so the apr for comparison is 4.5
I use the 2.9 don't i????
Thank you (hangs head in shame and slinks off because I REALLY should know this.......)
Chocs
What rate do I use when calculating my daily interest?
The rate I am currently on or the APR for comparison which will be the remaining years after my fixed deal ends at the BS std rate.
E.g my new rate will be 2.9 but after 5 years go to 4.99 so the apr for comparison is 4.5
I use the 2.9 don't i????
Thank you (hangs head in shame and slinks off because I REALLY should know this.......)
Chocs
0
Comments
-
(Total amount left to pay*APR)/365.
e.g.
APR: 3.0%
Total amount left to pay: 150,000
= (150000*0.03)/365 = £12.33
Yes atm you will use the 2.9% APR.0 -
Fab, thanks.
I had the call sorted just unsure about the rate. Stupid me!
Appreciate your reply
Chocs0
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