English Deutsch Français Italiano Español Português 繁體中文 Bahasa Indonesia Tiếng Việt ภาษาไทย
All categories

My daughter is 13 on christmas eve. If she had £1 put in a bank account for every week since she was born, how much would she now have, taking into account the varying rates of interest over the years?

How do i find out what the interest rates (for savings) would have been in 1993?

2006-12-21 09:47:20 · 8 answers · asked by ~☆ Petit ♥ Chou ☆~ 7 in Business & Finance Investing

8 answers

I am not sure what the savings rate would be, but you could use the Bank Of England base rate and take a percent off, which may reflect the savings rate:
this link should be for the interest rates

http://213.225.136.206/mfsd/iadb/Repo.asp?Travel=NIxIRx

2006-12-21 09:56:14 · answer #1 · answered by Bob N 1 · 1 0

Very simple 5 percent is $50 per thousand I.E 50 x 75 is $3750 divided by 12 gives you the monthly figure, 6 percent is $60 per thousand i.E 60 x 75 is $4500 divided by 12 gives you the monthly figure. and so on.That is not the problem,lenders will expect you to pay off the capital as well,and that is a tabular table,consisting of interest due each month on the balance outstanding each month.Each monthly payment will consist of interest due and a payment to the balance outstanding so that the loan can eventually be paid off,as you make payments the balance outstanding reduces month by month and your contribution to reducing the debt increases and the interest part of your payment reduces.Very slowly at first but quite significant after 12 years or so and accelerates at a noticeable rate.With interest only loans you undertake to clear the debt from you own resources at the end of the term.

2016-05-23 07:26:00 · answer #2 · answered by Anonymous · 0 0

You don't say what type of savings account she has. I would guess around £899 going on an average of 4%. If you say between £750 - £1000 I don't think you would be far out.

2006-12-21 09:59:38 · answer #3 · answered by patsy 5 · 1 0

so thats £52 plus a bit then all that plus another £52 plus interest on the whole lot....etc etc... Havent a clue, you need to know what the rate was first before you can do anything.

2006-12-21 09:58:45 · answer #4 · answered by TrevnDi 3 · 0 0

Can't help with that, but the person above has reached her answers quota for today so I thought I should just let you know... In case I answer your next question... In case you find my answer strange... I'll stop now.

2006-12-22 10:51:26 · answer #5 · answered by Serene 6 · 1 0

Gosh, that's a man's thing! I couldn't possibly help; but if little princess needs advice on how to spend it, you know where I am! ;-) x

2006-12-21 21:26:16 · answer #6 · answered by Nini 5 · 2 0

Sure, but my fee is £77,000

2006-12-21 09:50:06 · answer #7 · answered by Anonymous · 0 2

no

2006-12-21 09:54:17 · answer #8 · answered by Blue_Bell 1 · 0 0

fedest.com, questions and answers