May 5 2008, 08:55 AM
QUOTE(hivemy @ May 5 2008, 07:54 AM)
i think that's not correct. he's calculating by monthly basis.
i forgot my maths formula is secondary school
but what he means should be
Month1 : 5000 x 0.031 + 5000 = 5155
Month2 : 5155 x 0.031 + 5155 = 5314.81
Month3 : 5314.81 x 0.031 + 5314.81 = 5479.56
and so on... anyone knows what kind of formula is this again?
BTW where do you get 3.1% interest per MONTH?? I'm also VERY interested. Most banks gives such interest by YEARLY basis, so you need to divide 12 again oh..
Hi,i forgot my maths formula is secondary school
but what he means should beMonth1 : 5000 x 0.031 + 5000 = 5155
Month2 : 5155 x 0.031 + 5155 = 5314.81
Month3 : 5314.81 x 0.031 + 5314.81 = 5479.56
and so on... anyone knows what kind of formula is this again?
BTW where do you get 3.1% interest per MONTH?? I'm also VERY interested. Most banks gives such interest by YEARLY basis, so you need to divide 12 again oh..
The threadster did not say that it was 3.1% / month.....they said it was 3.1% renewable every month
Take a look at http://www.math.com/tables/general/interest.htm this provides the formula for compounding interest (which is what I believe you are talking about)
Regards
Trevor Keegan
www.taxsaya.com
Malaysia's First FREE Multi-Lingual Tax Software
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