K
kilyg2
Guest
Could someone explain the following result from Bank of Scotland website Monthly Saver calculator. I put down an initial deposit of 20 euro's and then deposit 20 euro's per month at the EAR rate of 3.75% for 1 year. The Calculator then informs me I would earn interest of €5.62. How is this obtained? Would the calculation not be 260 * 0.0375= 9.75 - DIRT of 20% = €7.80. Could someone clear up this calculation?