Simple question: calculating interest - Contractor UK Bulletin Board

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MrRobin replied

2 November 2007, 16:03
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
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scooterscot replied

2 November 2007, 15:57
No it's not a simple question it's the wrong question... Do you borrow money from the BoE directly?
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Mustang started a topic Simple question: calculating interest

2 November 2007, 15:49
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?
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