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Spreadsheet with interest


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Hi all

 

Interest... How do I change the 'sum' on the spready from 8% to the 29.9% capital One have been applying to the charges they have added to my account.

 

... Or is that not how I work out the interest they have charged me on the charges??

 

Sorry to sound confused. I'm getting there... slowly, ha! :-)

Moodle

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Hi all

 

Interest... How do I change the 'sum' on the spready from 8% to the 29.9% capital One have been applying to the charges they have added to my account.

 

... Or is that not how I work out the interest they have charged me on the charges??

 

Sorry to sound confused. I'm getting there... slowly, ha! :-)

 

ah... think I am using the wrong spready... need the one with the extra columns... any one got one they could direct me to??

Moodle

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  • 1 month later...

Hi everyone,

I have finished filling in the complex bank charge spreadsheet thanks very much for creating that. However I have noticed something (please ignore if this has been mentioned before)

 

Basically the spreadsheet uses the cumulative charges takes them off the current balance and uses a ratio of

 

(corrected balance/actual balance)

 

* months interest

 

to calculate the proportion of the months interest thats owed to you.

 

This is great however I feel that this proportion of interest should be fed back into the calculation so its cumulative so we get

 

(corrected balance+cumulative charges interest)/actual balance * months interest

 

This will give more interest on the charges as the calculation will take into account the cumulative charges. I will try and modify the spreadsheet to do this.

 

Thanks

 

Pumpytums

 

 

Please ignore the above, I have just realised that the method would be compound interest which is a can of worms.

Edited by pumpytums
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  • 3 weeks later...

Oh my goodness... I am completely lost here!!!

 

Im using the excel advanced to try and claim back something on my overdraft interest. I also have some unplanned overdraft interest??!! Is this the same??

 

I dont even know where to start... is there a simple way of explaining it to me???

 

Sorry to be a pain :(

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  • 10 months later...

Basically each month you get charged interest on a OD or credit card balance. A part of the balance is made up of charges for example

 

Example 1

 

balance = £1000 £100 of which is charges

 

So if you are charged £100 interest in a month 10% would be due to the charges. So you can add £10 on to your claim. This continues every time interest is charged.

 

Example 2

 

Balance =£1000 £200 of which is charges 20% of monthly interest would be claimable.

 

So if you are charged £100 interest in a month 20% would be due to the charges. So you can add £20 on to your claim.

 

Basically if hadn't had those charges the interest would be lower hence why you can claim it back.

 

I hope that helps that's basically how the advanced spread sheet works.

 

Pumpytums

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  • 4 weeks later...

Hi, hoping someone can help me. I am a bit flakie when it comes to spreadsheets and figures (they freak me out) I have tried a for over a week now to work out 39.9% interest and I have got it wrong over and over.

 

Can somebody please help me out with a spreadsheet that would work that out for me. I would be extremely grateful as I want to get this off to VERY asap.

 

Cheers x

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