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I have an cash credit account with one bank .every month they debited interest in my a/c .Howthy calculate interest

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Are you below the minimum balance?

Posted on Feb 04, 2009

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fixya is not a credit card company --need to make your inquiry with which ever credit company you signed up with

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How do i calculate the future value of 1790.62 made every month for 15 years in an account earning 11,9% per yeat, compounded monthly?


Hello there, Well from compounded yearly, it comes to $896,692.82.
I don't see how compounded monthly makes any difference if the Intetrest rate is yearly at 11.9 %.
The quick and dirty calculator I used is here, http://www.financialcalculator.org/investing/interest-calculator

You gonna be rich Bro :)

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How do you calculate and charge interest on outstanding accounts


That question is much more complicated than you think - are you charging interest percentage daily? Weekly? Monthly? Anually? Once you have the period figured, you begin at some start point of your choosing. Exactly one "period" later, you multiply the basis (the outstanding balance) by the percentage rate (5%, for example, would mean you multiply by 0.05), then add that number to the basis - that's your new basis, your new outstanding balance.

But... if you charge an annual interest rate, and you compound daily or weekly or monthly, you have to take payments into account and adjust for them - it's fair to charge interest up to the moment of payment, but not beyond that moment; you can rightly only charge interest on the remaining unpaid balance beyond that date.

If you charge an annual interest rate but compound monthly, then every month you'd charge 1/12 of your annual interest rate. If weekly, 1/52. If daily, 1/365. The smaller the compounding period, the easier it is to calculate interest around payments, but the more paperwork is involved.

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1 Answer

COMPOUND INTEREST


But how often is the interest applied, yearly or monthly? If yearly, then the last 3 months don't earn anything at the 29 mo point. So $27624.

If applied monthly the usual trick is to simply divide the yearly rate by 12 = 1.32% per mo. So after 29 mo, $30132

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BAII Plus TVM Applications


2nd [CLR TVM] (clears any previous results)

4 I/Y (4% interest rate)

1 2 0 0 +/- ($1200 monthly payment, negative because you're paying out the amount)

2 5 0 0 0 FV (desired value, positive because you'll be receiving the amount)

CPT N (compute the number of payments)

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On the top line (N=) type in 5 * 12 ENTER for five years of month payments.
On the I% lline type in 5.5 / 12 ENTER for the month interest rate.
On the PV line type in 18000 ENTER
Make sure the FV is 0 and END is highlighted on the bottom line.
Move the cursor to the PMT line and press ALPHA [SOLVE] (that's ALPHA ENTER) and see -343.82 for the monthly payment.

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A $25000 home equity line of credit based on 7.8% APR annualized


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Calculating out npv and irr


Use the "FINANCE" app:

[APPS] [1] [ENTER]

for npv: select "7:NPV"
now you should get "npv(" on your screen.
use: npv(interest rate, cost {cash flows}, {frequencies of cash flows})


for irr: select "8: irr"
"irr(" will come up.
use: irr(interest rate, cost {cash flows}, {frequencies of cash flows})

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Hello Sir/Ma
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Have you had problems with your bank and they have refused giving you a loan?? Do you have bad credits?? Consider all these no problem .An organisation with Approved Lending Institution Status under Section 156 of the Housing Act 1985 as amended by the Housing and Regeneration act 2008.For more enquiries.
E-Mail address:userhelp.bromwich@gmail.com

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