monthly interest

glitterygert

Could someone please calculate monthly interest on £15,000 @ 6.08% for me, much appreciated.

Thanks Chrissie

mindovermatter

Hi,
If you are a basic rate tax payer then your monthly interest would be £60.80p
best wishes
Mindovermatter

glitterygert

thanks the 6.08% is the gross amount, the net amount is 6.25% so is your calculation still the same.

Thanks Chrissie

YorkshireBoy

It depends on the number of days in the month.

Assuming:
The 6.08% rate is the gross p.a. rate, and
The interest is 'paid away' monthly, and
You're a basic rate tax payer.

Then...

For a 30 day month:
£15,000 x 0.0608 / 365 x 30 x 0.8 = £59.97

For a 31 day month:
£15,000 x 0.0608 / 365 x 31 x 0.8 = £61.97