Interest on sum left in Will, advice please

[redrose281]

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

[MIKE770]

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?

[enaid]

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

[redrose281]

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