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32 Days Notice Deposit

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GuguM4
Occasional Visitor
Can someone explain to me in simple terms...
So R1 000 000.00 in 32 day at an interest of 6.65% will pay out R66 500.00 does this mean you get it every month as is or the R66 500.00 is divided by 12 months?
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Mkhululi
New Contributor
it is divided by 12 months, but when you add the interest at the end of the year, it will likely be more than R 66 500 as it will be compounded monthly, unless the interest rate decreases during the 12 month period....
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