Understanding Student Finance Monthly Interest Rates

d100sha

Hi I am trying to understand how my monthly interest rate has been calculated below is a example of 2 months where interest has been added:
Please view in web view to see below more clearly: 

Date               Transaction Description            Debit (£)            Credit (£)        
06/04/2018     Opening balance                      33010.84           0
30/04/2018     Interest 3.10%                          95.95                 0
31/05/2018     Interest 3.10%                          85.9                   0


You can see I start with a balance of 33010.84 which is my total student loans, then at the end of the month there is interest of 3.10% added. 

How is 3.10% interest rate of balance 33010.84 = 95.95?

I tried calculate 3.10% of 33010.84 which i found as 1023.33604 which divided by 12 months = 85.2780033 not 95.95

Seems like simple maths, and apologies if the answer if obvious and i cannot figure it out. Thanks in advance

JGB1955

Interest due from before 6 April?

biscan25

Well the second calculation is correct i.e (33010.84+95.95)*(1.031^(31/365)-1) = 85.95
I agree the first figure looks incorrect, I get this as (33010.84)*(1.031^(30/365)-1) = 82.94
Was the March 2018 figure as expected?

TheMilkmansDad

based on the amount it looks like they've changed 34 days interest for a 24 day period?

Shakin_Steve

You'd have to be earning c.£40K just to pay back that interest each month.