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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
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