How do you work out your intrest rate if you have 200p in the bank with an intrest rate of 1.51%?
How do you work out your intrest rate a month, if you have 200pound (sorry my pound sign isnt working) and you hade your intrest rate a month of 1.51%
Answer
Divide your monthly interest rate by 12 to get the monthly interest rate.
the apply the monthly interst rate to your bank balance.
how long do you leave the money in - dont forget that the interest will be compounded - so after month 1 you need to apply the monthly interest to the new balance and not the 200p - hope thats a clue without doing it for you!
