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Calculating Money Market Interest

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Super Contributor
Need some help with the math here. How much interest would R100K earn per month on the OST money market account ( which is at 5.417% PA). Can someone show me how to calc a precise figure. (Not sure if interest is calculated daily or monthly)
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6 REPLIES 6
Not applicable
interest = Notional*(1+effective annual rate)^(number of days/360)-Notional.
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Super Contributor
Money is added monthly, so it should be
interest = Notional*(1+rate)^(number of months/12)-Notional.
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Super Contributor
Get a figure of R16756. Would this be correct?!?
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Super Contributor
I have mailed you a spreadsheet. I think its correct.
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zn
Contributor
Can you also mail it to me please Blik, [email protected],Many Thanks
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Super Contributor
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