Calculating interest

bolo

5th dec 06

Int paid 5th dec 2007

Non-leap year.

Lokolo wrote: »

Opening on the 5th.... (which month???)

Paid interest... which month???

McSaver

bolo wrote: »

5th dec 06

Int paid 5th dec 2007

Non-leap year.

I suppose that throws my theory out the window. But I was just checking to see if that was maybe throwing the different calculations.

bolo

OK fiddling around with the numbers i have got it to within 2p, using the non-compund interest. I am happy with that...!

Thanks for the info people. Would the principles be the same for current and other savings accounts?

YorkshireBoy

Lokolo,

I don't have Excel on this PC, but would you run my figures through yours please to get a comparison...

Opened with £500 on 18/12/06
1st payment £250 on 27/12/06
12 further payments of £250 on the 5th of each month, last one on 5/12/07
Net interest of £143.04 paid on 18/12/07

bolo

YorkshireBoy wrote: »

Lokolo,

I don't have Excel on this PC, but would you run my figures through yours please to get a comparison...

Opened with £500 on 18/12/06
1st payment £250 on 27/12/06
12 further payments of £250 on the 5th of each month, last one on 5/12/07
Net interest of £143.04 paid on 18/12/07

I get a figure of £143.06 from my spreadsheet. Looks like they gave me 2p of your money!!! ;-)

bolo

bolo wrote: »

I get a figure of £143.06 from my spreadsheet. Looks like they gave me 2p of your money!!! ;-)

I reckon you'll be getting an interest payment of around £346.22 come december. Not bad.

I did miss a trick paying in an extra month, did not know you could do that!

Lokolo

bolo what interest was paid to you?

bolo

£129.67. My calcs says £129.65...

YorkshireBoy

bolo wrote: »

I reckon you'll be getting an interest payment of around £346.22 come december. Not bad.

I estimate it at £345.40

I did miss a trick paying in an extra month, did not know you could do that!

I probably wouldn't have spotted the loophole had it not been for the good people on this forum.

Lokolo

What are the interest for each month bobo?

I have got:

£ 3.73
£ 5.86
£ 7.01
£ 9.26
£ 10.58
£ 12.66
£ 13.86
£ 16.05
£ 17.75
£ 18.79
£ 21.15
£ 22.08
£ 3.07