# How to work out interest on your money

##### 2020-02-17 21:07

In other cases, interest is charged daily (so you calculate a daily interest ratenot a monthly rate). With bank accounts, interest might be credited to your account monthly, daily, or quarterly. Use the same calculation shown above to convert to a monthly (or other) interest rate and multiply the rate by your account balance.How to play the high interest, high rewards air miles credit card game and traps you MUST avoid that quickly wipe out any benefits work out how to make money and save money. email; 8 how to work out interest on your money

Work out the interest. If youre owed money by another business, you can charge interest on a late commercial payment. For other types of debt, the rate is usually 8. To calculate this, use the steps below. Work out the yearly interest: take the amount youre

Dec 17, 2018 Compound interest can result in much higher interest over time than simple interest. Calculating compound interest requires a different formula. Here's a sidebyside comparison of the two systems: You take a loan out for 100 at 30 simple interest. You'll owe 30 interest after the first time period, 60 after the second, 90 after the third, and 120 after the fourth. Compound Interest. You may wish to read Introduction to Interest first. With Compound Interest, you work out the interest for the first period, add it to the total, and then calculate the interest for the next period, and so on, like this:how to work out interest on your money To calculate the interest from a savings account, youll need the following pieces of information: The amount of your deposit or the amount you lend, using the variable P for principal. When interest is calculated and paid (yearly, monthly, or daily, for example), using n for the number of