Help understan this percentage


S

ss

1000 (deposit) * 9% (interest rate) gives me 90 (for the year) which is
7.89 for a 32 day period.

When I feed 1000 in to an online calculator it states 7.64 for a 32 day
period.
I am using:
1000*9% =90 Then 90/365*(32) which = 7.89

Am I doing something wrong as the online is more likely to be correct.
 
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S

ss

1000 (deposit) * 9% (interest rate) gives me 90 (for the year) which is
7.89 for a 32 day period.

When I feed 1000 in to an online calculator it states 7.64 for a 32 day
period.
I am using:
1000*9% =90 Then 90/365*(32) which = 7.89

Am I doing something wrong as the online is more likely to be correct.
Now sorted.
 
G

GS

1000 (deposit) * 9% (interest rate) gives me 90 (for the year) which
is 7.89 for a 32 day period.

When I feed 1000 in to an online calculator it states 7.64 for a 32
day period.
I am using:
1000*9% =90 Then 90/365*(32) which = 7.89

Am I doing something wrong as the online is more likely to be
correct.
Perdiem rate is what you might be after...

AnnualRate=9%
PerdiemRate=9%/DaysPerAnnum

...where DaysPerAnnum is discretional! Note that 365 days only occurs in
leap years. Some people use 360 days, others use 364.25 days. (It
varies depending on the scope of the term in NumYears, and is otherwise
entirely your preference)

--
Garry

Free usenet access at http://www.eternal-september.org
Classic VB Users Regroup!
comp.lang.basic.visual.misc
microsoft.public.vb.general.discussion
 
S

ss

Perdiem rate is what you might be after...

AnnualRate=9%
PerdiemRate=9%/DaysPerAnnum

..where DaysPerAnnum is discretional! Note that 365 days only occurs in
leap years. Some people use 360 days, others use 364.25 days. (It varies
depending on the scope of the term in NumYears, and is otherwise
entirely your preference)
The answer to the problem was how the bank paid out interest rates. If
it was say from the 1st to the 3rd I was counting that as 3 days whereby
the bank counting the hours between the 1st and the 3rd as 48 hours = 2
days. I made the adjustment and all tallies up ok now.
 
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G

GS

The answer to the problem was how the bank paid out interest rates.

Bingo! It's their preference but is always good to know/understand
their business logic!!

--
Garry

Free usenet access at http://www.eternal-september.org
Classic VB Users Regroup!
comp.lang.basic.visual.misc
microsoft.public.vb.general.discussion
 

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