Interest calculated as a percent of the original loan. Example: a 3-year loan of $1,000 at 10% costs 3 lots of 10% So the interest is 3 × $1,000 × 10% = $300 (Simple interest is almost never used in the real world, with compound interest being preferred.)See...
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I earn some interest on the cash, but I can safely say less than 10% inflation. Still, they tell me inflation is <3% so that’s all right now? I have lodged a decent amount with Mrs Ermine, who can take all the interest without paying tax. I would rather forgo the interest and ...
An older friend just told me that having bought his first home shortly before the Tories last tasered the £ (in ’92?) he couldn’t take his eyes off the news as he watched in horror when the interest rate on his mortgage bounced upwards faster than his calculations on whether he sti...
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but in the end I sold up. Go on, guess when I sold up, round about 2005 ISTR. Mind you I did put that into paying down some of the mortgage which was in the order of 6% I think, so it earned me a real return of 6% in the interest I didn’t have to pay, plus the tax ...