interest

[suna]

if my bank offers a 6.31% in interest monthly on the money that was in the bank how much interest would i get of one pound per month
thanks

[CheekyChops]

6p.

[Ethel]

Is the 6.31 the EAPR? That is usually how it works.

To get 6p in one month would be 72p per year - and APR of 72%.

Roughly, you would get 6.31p interest in the year, paid monthly so divide by 12.

Half a pence, approximately.

[kira000]

Check the FSA website.. they have advice and calculators for most finance.. I use it alot!