The bank's interest rate means, on the one hand, the borrower's payment to a financial institution for the provision of lending services, on the other hand, the funds accrued to depositors. Therefore, different schemes are used to find it.
Instructions
Step 1
The surest way to determine the size of the interest rate is to consult a bank employee and at the same time ask him to make calculations using the example of the time interval you are interested in. However, often there is simply no time for a trip to the department, and then mathematical knowledge and Internet services come to the rescue.
Step 2
Use an online calculator such as calculator.allbe.org to estimate your loan rate. However, for self-control, it is advisable to double-check the result obtained. Keep in mind that this method of calculating the bank interest gives only an approximate value, because each institution has its own nuances of calculating rates. And if there are preferences for banks, then it is best to use online calculators, which are usually presented on their official websites.
Similar options for calculating bank interest rates apply to deposits.
Step 3
If there is no Internet access, then calculate the interest rate on the loan using the formula:
I = (100 * Sp * K) / Pt, where I is the annual interest rate;
Sp - the amount of interest;
P is the amount of the principal debt;
t - settlement period (measured in calendar days);
K is the number of calendar days in a year.
To calculate the simple interest rate on the deposit, the value of the deposit should be substituted into the proposed formula instead of the principal amount.
Step 4
The calculation of the bank interest rate using capitalized interest is carried out according to the formula:
St = I * d / K, where I is the annual interest rate on the deposit in the form of a decimal fraction;
d - period in days, following which interest is accrued (with monthly capitalization, the value will be equal to 30);
K is the number of calendar days.
Thanks to the proposed mechanism, you can calculate the interest rate for any period.
