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Post Info TOPIC: Business Bank loan interest calculation
sage123


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Business Bank loan interest calculation
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Hi All,


Just wondering if anybody could help me to calculate business bank loan interest, which appears every 3 months. It will help me if i could figure this out, so that my accrual works out fine.


Thanks for reading

Raj

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Raj
Marky65


Guru

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Posts: 771
Date:
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Hi Raj

I would normally take the amount of loan multiply it by annual rate of interest divide by 365 and then multiply by number of days in period that you are accruing for

Eg £100,000 loan at 7.5% interest and accrual for 1 quarter

£100,000 x 7.5% / 365 X 91 = £1,869.86

Hope this helps

Regards

Mark


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Website www.mgassociates-accountancy-services.co.uk/

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