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Interest on sum left in Will, advice please

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  • Interest on sum left in Will, advice please

    Hi,
    I know I will seem totally thick here, but interest rates just totally throw me for some reason so I wondered if anyone on here could help me please?

    I loaned someone £10,000.00 in 1994, I told them they could leave me it in their Will as it`s a close Family member and at that time I was quite well off. They wrote it into their Will stating:-

    "I give the sum of ten thousand pounds to ___________ and I direct that such legacy shall carry interest at the rate of five per cent per annum from the date hereof, (5th May 1994), until the act of payment".

    The person concerned has recently come into a large amount of money and wishes to pay me my money back now, so my question is this, what interest would I be owed now on £10,000 at 5% per annum since 5th May 1994?

    Please can anyone help me?

    Many thanks
    Tags: None

  • #2
    Re: Interest on sum left in Will, advice please

    Result

    From (inclusive):To (inclusive): 4-5-1994 to 10-4-2017

    Day(s) or Week(s) and day(s)8377 days or 1196 wks and 5 days

    Total interest (%): 114.67
    (rounded to 2 decimal places)

    Average due to interest ()11467.12 : (calculated on unrounded total interest)

    Final amount ():£21467 .12 @5%

    hope right?

    Comment


    • #3
      Re: Interest on sum left in Will, advice please

      Hi and welcome does this help https://moneyfacts.co.uk/compare/sav...um-investment/ there are lots of calculators on line, I did it for 23 on that one
      22 years on this one so they seem about right http://www.thisismoney.co.uk/money/saving/article-1633419/Monthly-lump-sum-savings-calculator

      Think those I did were compound
      Last edited by enaid; 10th April 2017, 15:09:PM.

      Comment


      • #4
        Re: Interest on sum left in Will, advice please

        Thank you so much for your replies Mike770 and enaid, they are very helpful and I really appreciate your advice, thank you again xx

        Comment

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