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[Ks|Falco]
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PostSubject: banking help   Wed May 26, 2010 5:32 pm

hey just wondering about banking if i have a netbank account with 4.5 p.a and had $655 in there how much interest would i get each month mind you at least 20 gets added to it weakly sometimes more
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Intergalactic
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PostSubject: Re: banking help   Thu May 27, 2010 10:47 am

Im going to assume you mean compound interest. In this case, the amount you would get would increase as your monthly interest is added. I am not factoring in any money added during the process. In this case you would gain $2 a month in interest, and this would increase slightly over time as you gain more money. Of course, if you are depositing money into the account regularly, the amount of interest you will recieve will increase at a larger rate.
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Draeke
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PostSubject: Re: banking help   Thu May 27, 2010 1:45 pm

Assuming you're talking about compound interest.

Here's a compound interest calculator with monthly contributions.
http://www.patrickschneider.com/compound_interest_calculator.php

We'll have to convert your weekly contributions into monthly ones:
Avg weeks in an avg month is 4.3482(142857)
So your monthly contributions would be about $86.96.

So just fill in the form like so:
Initial Balance: 655
Monthly Contribution: 86.96
Months Invested: ?
Annual Percentage: 4.5

Change the months invested to something appropriate.

Inter's right about your interest going up as you have more money in the account.
If you use the figures above (and deposit on a regular basis), you get roughly the following interest for that month:
1st month = $2.46
2nd month = $2.79
3rd month = $3.13
etc.
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Jakesnake
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PostSubject: Re: banking help   Thu Jun 03, 2010 6:37 am

I got 1k in one of my accounts and in 6 months I've earnt 3c due to interest xD. How pro is that
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[Ks|Falco]
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PostSubject: Re: banking help   Thu Jun 03, 2010 7:38 am

i had 0 in one of mine and i got 3c interest lol
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Revolt
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PostSubject: Re: banking help   Thu Jun 03, 2010 6:03 pm

$12.50 in my bank account at the moment.
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