Many people keep their own funds in banks. This allows them to increase their savings. Moreover, deposits not exceeding 700,000 rubles are insured by the state. That is, a person will receive his guaranteed interest in any case. But for the profitability of the deposit to be the most profitable, it is important to correctly determine the interest rate.
It is necessary
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Instructions
Step 1
First of all, get information about at the end of which period you will be charged interest on the deposit. This can happen monthly, quarterly, or at the end of the term. If the capitalization of interest occurs only at the end of the designated period, then the calculation can be done in a simple way.
Step 2
Calculate income using the following formula: S = (P x I x t / K) / 100. Where S denotes the amount of accruals. P - the amount initially placed on the deposit. K - will be equal to the number of calendar days in a year (366 or 365). I is the interest rate for the year, t is the number of days to calculate interest.
Step 3
Compound interest rates are applied if the accrual occurs at the end of each reporting period (month, quarter). The calculation is carried out according to a complicated scheme: S = (P x I x j / K) / 100. In this formula, j means the number of days of the total period, which is decisive for the calculation of interest. P is both the initial amount of cash and the amount with increasing current interest. S will equal the final amount to be refunded along with the accrued interest. Values: I, K - the same as in the first formula.
Step 4
Determine the simple interest rate with a deposit of 50,000 rubles. and an annual interest rate of 14%, placed for two months, it is necessary as follows: (50,000 x 14 x (30 + 31) / 366) / 100 = 1167 rubles.
Step 5
Now calculate the compound rate on the deposit with the accrual of monthly interest.
(50,000 x 14 x 30/366) / 100 = 574 rubles. Now 50,000 + 574 = 50,574 rubles.
Step 6
With a quarterly charge, the amount that the depositor will receive from the bank will be equal to:
(50,000 x 14 x (30 + 31 + 29) / 366) / 100 = 1,721 rubles. Then 50,000 + 1,721 = 51,721 rubles.
Step 7
Thus, by carefully studying the terms of the agreement with the bank and learning how to calculate the interest rate, you can competently and profitably dispose of your savings.
