Pay Day Loans
There has been a lot of Media coverage of these Loan Companies,including by the BBC Watchdog programme. The figure that had greatest impact on me was; the cost of borrowing £1.00 for 1 Day was £6.00+. This is extortion - DON'T DO IT!
Savings and Investments
Users of this site can contribute to this page. Ultimately I anticipate that banks and financial institutions may contribute or Advertise
NSandI Index linked Savings Certificates - Still not available @ 12 March 2014
ISA Allowances from 6 April 2013
Record your personal success and advice in this area.
Compound Interest Calculation
will do the computational work for you, however, here's a breakdown of how to
calculate compound interest:
Compound interest is interest that is paid on both the principal and also on any interest from past years. Itís often used when someone reinvests any interest they gained back into the original investment. For example, if I got 15% interest on my £1000 investment, the first year and I reinvested the money back into the original investment, then in the second year, I would get 15% interest on £1000 and the £150 I reinvested. Over time, compound interest will make much more money than simple interest. The formula used to calculate compound interest is:
M = P( 1 + i )n
M is the final amount including the principal.
P is the principal amount.
i is the rate of interest per year.
n is the number of years invested.
Applying the Formula
Let's say that I have £1000.00 to invest for 3 years at rate of 5% compound interest.
M = 1000 (1 + 0.05)3 = £1157.62.
You can see that my £1000.00 is worth £1157.62.
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