It sounds quite straightforward, but my brain wont engage.
I'm looking to calculate the amount of interest on a sum of money owing, when that sum of money is increasing on a daily basis over a period of 6 months (well, it increases 5 days out of 7, but interest would accrue 7 days out of 7). The interest shouldn't be compounded.
To give an example of how the amount owing increases -
1st October 2013 - Amount owing £0.00
2nd October 2013 - £3.15
3rd October 2013 - £6.30
4th October 2013 - £9.45
5th October 2013 - £12.60
6th October 2013 - £12.60
7th October 2013 - £15.75
8th October 2013 - £15.75
9th October 2013 - £18.90
The amounts given are a running total, excluding any interest. As you can probably see, the debt increases by an amount of £3.15 each day (excluding Tuesdays and Sundays)
Need to calculate the total amount owing as at 11th April 2014, based on an interest rate of 8% and the interest not being compounded.
Any suggestions?
Thank you in advance.
I'm looking to calculate the amount of interest on a sum of money owing, when that sum of money is increasing on a daily basis over a period of 6 months (well, it increases 5 days out of 7, but interest would accrue 7 days out of 7). The interest shouldn't be compounded.
To give an example of how the amount owing increases -
1st October 2013 - Amount owing £0.00
2nd October 2013 - £3.15
3rd October 2013 - £6.30
4th October 2013 - £9.45
5th October 2013 - £12.60
6th October 2013 - £12.60
7th October 2013 - £15.75
8th October 2013 - £15.75
9th October 2013 - £18.90
The amounts given are a running total, excluding any interest. As you can probably see, the debt increases by an amount of £3.15 each day (excluding Tuesdays and Sundays)
Need to calculate the total amount owing as at 11th April 2014, based on an interest rate of 8% and the interest not being compounded.
Any suggestions?
Thank you in advance.
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