I've a 10% interest saving account. I pay in £250 a month and get interest after 12months. How much do I get?
814007
To work out the exact figure would be very complicated, and would probably use natural logrithms i.e. the number e.\n\nTo work out an approximate figure, you could work out 10% of 250 you input in the first month, and then 11/12 of the same figure in month 2, and then 10/12 of the figure in month 3...... and then 1/12 of the figure in the last month. In Excel, this gives a figure of £162.50 which is like depositing £3000 outright in an account which pays 5.4% annual interest.\n\nRemember, when you open the account, you start with £250 and you'll get the full 10% of £250 in that year. In month 2, you will deposit another £250, and the interest for that £250 will be 11/12 of 10% as it will only be there for 11 months. Hope this makes sense.
963593
The rate of interest will vary according to the type of account.\n\nIf you want instant access you will get a low rate. If you give notice (30/60/90 days) the rate will be higher. If you are able to tie the money up (1 year/2 year or more bonds) the rate will be even higher. This is due to the provider being able to to use the money to get higher returns if it knows it will be with them for longer. If you are a tax payer be sure to ask for the net rate (tax paid).\n\nRates can also vary by the amount invested i.e tiered so that a higher balance earns more than a low balance.\n\nIf you don't have an ISA, then these are usually higher rates than standard accounts and tax free. There are restrictions on the amount that can be invested though.\n\nAlliance and Leicester have just introduced a 12.0% regular saver account. This is the highest rate on the high street for regular savings between £10 and £250 per month.\n\nBeware though, if you pay in £50pm then you will earn interest on £50 in month one (1/12 X £50 X 12% = £0.50). The interest will get more as the months progress as it is calculated daily. You may be better off paying in the full £600 into an ISA.\n\nHope this helps.
1143792
Well... using very simple math, that translates into about $125 pre-tax for every 1% of interest on the account. So, if you have a savings account with about 5% interest, you'd be looking at about $625 a month pre-tax income. Honestly? if you have that kind of money, there are plenty of safe investments to choose from that will give you a better return.
309989
You pay taxes on the interest you are paid by the bank, not on the money itself. If you have $1000 and get $20 in interest, you pay taxes on the $20. The tax on the $20 may be around $5, but you are still $15 ahead of where you would be if you put it in a safe box
1177205
It is already been pointed out that the 4.23% is an annual rate.  Banks compound interest daily using the annual rate divided by 360.  This means that if you put $20,000 in the bank for a year, you should have:\n\n$20,000 * (1+.0423/360)^365 = $20,867.36\n\nat the end of the year.  That averages out to $73.03 per month (though it is less in the early months and more in the later months).
928963
you probably want short term borrowing.\n\nMoney shop will cash cheques for 1 month and charge about 6%\nup to £500 at a time.\n\nProvident will lend money but charge the earth.
804592
Open a bond...some banks offer 6% interest and that would be a great extra income ( around £300 per month )...
709709
the AA are currently offering 5.1% for a phone based account\n\nhowever that includes a bonus which could disappear next year so watch the interest rate on your account carefully and move it if it does fall
749562
Use a mortgage calculator because it's very hard to figure out compound interest manually - it's compounded every month, but also reduced by the amount you pay (assuming you make monthly payments) so you can't just multiply the principal ($4,327.77) by 10%\n\nIf you're not making monthly payments, then use an investment calculator.
301123
That is a good rate, but be sure to read the fine print...they can often increase the interest rate if you are late, don't pay a certain amount each month, or after a certain period of time.  It is better to pay it off each month if you can...then you are paying 0% interest...can;t get better than that!
830861
Your question is not complete.\nHowever, I am assuming you mean 12% apr, or 1% per month.\nSimple interest (no compounding) will earn her $1170 in 18 months.\n6500*.12/12*18 = 1170. She earns $65 per month.
540838
Well if you get 5% intrest monthly but 10% yearly if it's a compound deal go for the monthly. If it's just simple it's up to you. (I'd still go monthly if it was me)
960724
NONE. They are very very very very bad. The interest rates are about 250% to 500% or more. Do not do this.
994193
I sure can.  It is neat to find someone who is looking for practice--I really appreciate that.\n\nSo if I have $20,000 invested for 3 years at 5.5% (compounded annually), how much interest do I earn?\n\nHow about if I have $7,500 invested for 12.5 years at 3.75% compounded annually?\n\nAnd finally, what if I have $12,000 invested for 5 years at 4.8% compounded monthly?\n\nHere are the answers you should get (all rounded to the nearest cent):\n$3,484.83\n$4,382.63\n$3,247.69
741066
Not much going for free but check out Internet Banking interest rates, they beat the normal current account rates. x
756056
[( 21,482.42 / 6795 ) ^ (1 / (14*12)) -1 ] *12\n\n12 is month in a year.\n1 comes from 1+r used in interest formula.\n\nthe result will be a decimal, eg. 0.10 (which is same thing as 10%)
693356
Depending on whether u are in the uk or not, you have to owe at least one creditor £1500.  If you don't live in the uk, my apologies, I don't know lol.