| Author |
How much interest will i get? |
lamont
Joined: Mar 27, 2005
Posts: > 500
From: Manchester, UK
PM |
hi, i have got a lloyds saving accounts which i put £150 a month into and i get 8% gross on it. I also had an initial deposit of £500 in it.
How much interest will i have on it after 12 months?
Thanks |
|
|
lamont
Joined: Mar 27, 2005
Posts: > 500
From: Manchester, UK
PM |
iv worked it out at £108, would that be correct?
[ img ] http://a-zott.com/images/A-ZoTT%20Userbar%20Gold.gif [ /img ]
|
gregface
Joined: Mar 05, 2004
Posts: > 500
PM |
I think it might have something to do with compound interest, I have the same account, but dont receive as much as I expected!
_________________
[ This Message was edited by: gregface on 2008-01-03 21:34 ] |
paul101
Joined: Mar 26, 2007
Posts: > 500
From: first to last
PM, WWW
|
on the £500 you will get (0.08 x 500) = £40
on the £150 a month... cant be bothered calculating 
I don't wanna sleep
I don't wanna dream
'cause my dreams don't comfort me |
lamont
Joined: Mar 27, 2005
Posts: > 500
From: Manchester, UK
PM |
lol i used an online calculator to get £108 but im not sure what interest it was using.
[ img ] http://a-zott.com/images/A-ZoTT%20Userbar%20Gold.gif [ /img ]
|
gregface
Joined: Mar 05, 2004
Posts: > 500
PM |
for £250 each month plus 500 you would get £160.38
hope that helps!
|
lamont
Joined: Mar 27, 2005
Posts: > 500
From: Manchester, UK
PM |
orite cheers mate
[ img ] http://a-zott.com/images/A-ZoTT%20Userbar%20Gold.gif [ /img ]
|
gregface
Joined: Mar 05, 2004
Posts: > 500
PM |
£117.03
Not 100% sure of that though...
|
|
|
Posted: 2008-01-03 22:20
