THE FOLLOWING EXAMPLE IGNORES POSSIBLE INTEREST RATE INCREASES AND THE EFFECT OF MORTGAGE INTEREST RELIEF....
http://oakroadsystems.com said:Interest Rate
This one, unfortunately, is trickier. Mathematicians say that there is no closed-form solution for interest rate, meaning that no straightforward formula exists to provide an exact solution with i on the left and other variables and functions on the right, in a finite number of steps. You can still find i, but you have to work for it. Here are several methods to choose from:
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Sounds better than "For every €100 paid off, PTSB will reduce sum owed by €105"Here we go again or will it actually happen?
[broken link removed]in the IT.
For every €1000 paid off, PTSB will reduce sum owed by €1050.
Believe it not there are people about who are in a position to over pay their mortgages or pay lump sums.Handy if you are already overpaying but will it incentivise those saving in a high interest current account to start overpaying their mortgage instead?