How is interest calculated when u deposit in bank. Let's say I deposit 1000 birr this month what will be total in the next month? Tnxs!!!
Apr 17, 2020Remember in Ethiopia interest is calculated on the minimum cleared balance you had in that month. So let talk the average interest rate in banks which is 7% We use 365/actual day calculation in Ethiopia Considering 1000 birr is the minimum balance you had in April between 1-30 ((1000*7/100)/365)*30
Apr 18, 2020Well let's see ; 🧐 In nxt month it will be and also after that month it will also be 1000 but if you ask me afterwards it still will be 1000 until a year after a year it will be 1000 + in
Apr 18, 2020first you have to know the interest rate of your bank
Apr 18, 2020never checked it but shouldn't it be some sort of compound interest like p(1+r/100) .. and set the monthly rate like yearlyrate/12
Apr 18, 20206% a year maximum ymn be wer nw at the end of the yr u will hv 1060 birr
Apr 18, 2020It depends on many factors like what bank it is like yekuteba debter ale yesetoch ale....
Apr 18, 2020