Monthly Interest rates - Help

samkma

Have a Business Master card on 1.87% pm (YES PM) Is this calculation for last 3 months correct. statement period is 3rd to the 2nd (ie 30 days)
Jan statement balance as of 2nd Jan - £4680.71 - Interest charged - £144.96 later interest charge reversed £42.84 - So interest £102.12
Feb statement balance as of 2nd Feb - £4343.10 - Interest charged - £82.38
March statement balance as of 2nd march - £3882.93 - Interest charged - £80.80
Despite paying over 10% each month why is the interest amount not making much difference?

[Deleted User]

Impossible to say, with much accuracy as interest is calculated daily.  It depends when you're making the payments and when interest is being posted to the account.  

You need to look at your daily balance and calculate it on the daily rate. But it looks broadly right.

samkma

Deleted_User said:

Impossible to say, with much accuracy as interest is calculated daily.  It depends when you're making the payments and when interest is being posted to the account.  

You need to look at your daily balance and calculate it on the daily rate. But it looks broadly right.

Thanks,
But... March balance is £3882 so tried an online daily calculator and says £72
h

MallyGirl

don't forget that there will be interest still being incurred between the statement date and the date you paid the statement.

molerat

But the balance between the Feb statement and when you made the payment against that was £4343 so the interest for part of the month was charged on that higher balance