We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Interest Question
planemad
Posts: 569 Forumite
Can someone please tell me the formula to work out interest from savings?
Lets say for example 5k @ 7% fixed for 1 year- Normal tax payer
Plus what is the calculation to work out the same as above buy over 6 months?
Many Thanks
Lets say for example 5k @ 7% fixed for 1 year- Normal tax payer
Plus what is the calculation to work out the same as above buy over 6 months?
Many Thanks
0
Comments
-
just take 20% of 7 =1.4 - therefore your net interest is 5.6%- which will give you 5.6% x £5k=£280 at the end of the year
for 6 months just divide by 2 - hope that helpsKeep the Faith:cool:0 -
Many Thanks0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.5K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.5K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.4K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards