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Trying to work out quarterly interest on an account

  • 19-08-2010 3:25pm
    #1
    mathie
    Registered Users, Registered Users 2 Posts: 5,103 ✭✭✭


    Hi
    I'm trying to work out the quarterly interest on an account.
    If on 1 April the balance was €64,572.45 and the rate is 2.97% then what interest should be applied on 1 July?

    My caluclations say

    64,572.45 * 0.0297 = 1917.80
    1917.80 / 4 = 479.45
    479.45 less 25% DIRT = 359.59

    Is my maths ok?

    thanks


Comments

  • #2
    TiGeR KiNgS
    Registered Users, Registered Users 2 Posts: 1,435 ✭✭✭TiGeR KiNgS


    I would of thought this is how to calculate the Future value

    FV = PV*(1+r/n)^n*t

    therefore:
    FV = 64,572.45*(1+0.0297/4)^4*1

    FV = 66,511.72

    Total interest
    FV-PV
    =1939.267

    (no idea how to find out what you want to do, maybe try looking around for excel templates?)


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