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punky · 09-03-2009, 21:28

Its not (1000 * 9), its (1000 * 0.09). 9 percent means 9 per hundred or 9/100 = 0.09

So its (1000 * 0.09) / 365 = 25p per day in interest.

09-03-2009, 21:28	#2
punky Inactive Join Date: Jun 2003 Age: 45 Posts: 14,750	Re: daily interest rate Its not (1000 * 9), its (1000 * 0.09). 9 percent means 9 per hundred or 9/100 = 0.09 So its (1000 * 0.09) / 365 = 25p per day in interest.