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  1. 1st September 2006 00:02 #1
    Stopthethieves Stopthethieves is offline
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    Default Monthly Rate > APR > Daily Rate

    Forgive me if the answer is somewhere but is this a correct calculation?


    monthly rate 2.05

    =

    APR 27.5722

    =

    daily rate 0.00075540



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  2. 1st September 2006 00:43 #2
    Mindzai Mindzai is offline
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    Default Re: Monthly Rate > APR > Daily Rate

    Yes looks fine to me.

    Mindzai & Lucid vs Lloyds TSB

    Mindzai's Account - Partial settlement offer rejected
    Joint Account - Partial settlement offer rejected
    _________________________
    Spreadsheet for compound contractual interest and statutory (s69) interest:
    Download v1.9     [Tested with Excel 97-2007 and OpenOffice 2]
    PLEASE NOTE: You should fully research contractual interest before you use that functionality of this spreadsheet. If in any doubt please use it to calculate 8% interest under s69 County Courts Act 1984.
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  3. 1st September 2006 16:49 #3
    pelham9 pelham9 is offline
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    Default Re: Monthly Rate > APR > Daily Rate

    Two errors I think.

    Firstly although you have arrived at the annual rate by the correct method i.e monthly compounding you have not rounded your result to one decimal place to arrive at the APR. which is allowed by the legislation and is invariably done by the banks to their advantage. Your APR should read annual rate which is not the APR. There is a small [problem] that all lenders use based on the rounding of the APR.!

    Secondly you have derived your daily rate by a simple interesticon method and then somehow have it too low by a factor of 100.
    27.5722/365= .075540 not .00075540 as you have it.
    This daily rate only gives the correct annual rate if the interest is calculated daily but added at the end of the year.
    If you use your daily rate (/100 !!) and add (and therefore compound as is done by the banks) the interest monthly the calculation is below.

    Annual rate = ((1+.075540/100*365/12)^(12))-1)*100=31.3376...%=31.3%A PR
    which is clearly not correct.

    THe correct daily rate if interest is added and therefore compounded monthly is
    monthly rate /days in the month, For simplicity we have the myth that each month has 365/12=30.1467 days. so the daily rate is 2.05/30.1467=.068...%.

    Is anbody interested in the [problem]?

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  4. 1st September 2006 19:12 #4
    Stopthethieves Stopthethieves is offline
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    Default Re: Monthly Rate > APR > Daily Rate

    Thank you.

    My head hurts!!!

    Thought something was not quite right.

    I have still to get my head around it!

    Regards

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  5. 1st September 2006 21:49 #5
    Mindzai Mindzai is offline
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    Default Re: Monthly Rate > APR > Daily Rate

    For the purposes of the spreadsheet, 0.0007 is the correct daily rate, not 0.07. 0.0007 = 0.07%.

    Mindzai & Lucid vs Lloyds TSB

    Mindzai's Account - Partial settlement offer rejected
    Joint Account - Partial settlement offer rejected
    _________________________
    Spreadsheet for compound contractual interest and statutory (s69) interest:
    Download v1.9     [Tested with Excel 97-2007 and OpenOffice 2]
    PLEASE NOTE: You should fully research contractual interest before you use that functionality of this spreadsheet. If in any doubt please use it to calculate 8% interest under s69 County Courts Act 1984.
    Reply With Quote Reply With Quote
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