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Monthly Interest Calculation

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  • morg_monster
    morg_monster Posts: 2,392 Forumite
    Ah ha, yes you are all right, my root calculation takes into account compounding which it shouldn't since yearly interest is only paid, well, yearly, and just calculated daily on the amount in there each day.
    thanks guys, knew you would put me right!
  • Jonbvn
    Jonbvn Posts: 5,562 Forumite
    Part of the Furniture 1,000 Posts
    What a nice geeky thread!
    In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:
  • JBmoney
    JBmoney Posts: 31 Forumite
    Ta for ALL replies I`ve opened up a can of worms here. Not sure my prog. skills up to calculating monthly payment based on accrued daily interest. I may just guesstimate. Special ta to Aegis who quickly grasped wot I was on about.
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