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Simple question: calculating interest

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    #1

    Simple question: calculating interest

    Is the Bank of England interest rate a daily rate? If I have a loan of £100 paid back after 20 days (fopr example). What interest is payable on it?
    Tags: None
    #2
    No it's not a simple question it's the wrong question... Do you borrow money from the BoE directly?
    "Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark Twain

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      #3
      I believe the BoE rates are APR so to calculate the interest payable over x days you would take x/365th power of the rate

      £100 over 20 days would accumulate interest of 31 pence at 5.75%APR
      It's about time I changed this sig...

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