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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
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Posted: 2008-01-03 22:20:36
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iv worked it out at £108, would that be correct?
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Posted: 2008-01-03 22:24:13
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I think it might have something to do with compound interest, I have the same account, but dont receive as much as I expected!
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[ This Message was edited by: gregface on 2008-01-03 21:34 ]
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Posted: 2008-01-03 22:33:10
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on the £500 you will get (0.08 x 500) = £40
on the £150 a month... cant be bothered calculating
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Posted: 2008-01-03 22:36:10
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lol i used an online calculator to get £108 but im not sure what interest it was using.
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Posted: 2008-01-03 22:42:21
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for £250 each month plus 500 you would get £160.38
hope that helps!
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Posted: 2008-01-03 22:42:25
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orite cheers mate
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Posted: 2008-01-03 22:42:53
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£117.03
Not 100% sure of that though...
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Posted: 2008-01-03 22:45:16
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