Hi, I'm new here and would really appreciate some help with my calculations.
I from the UK and here at the moment there is a lot of consumers reclaiming back money from the big banks for mis-selling insurance products that were useless to the consumer and I am trying to calculate exactly how much is owed to me.
The government has allowed all claims to be paid with a statutory interest rate of 8% per year.
so that would work at 0.66% a month right?
Month 1 i pay £30 for my insurance
Month 2 my £30 is now worth £30.20 (30 x 0.66%) and another £30 is paid so total is now £60.20
Month 3 my £60.20 is now worth £60.60 and another £30 is paid so total owed to me is now £90.60.
Month 4 my £90.60 is now worth £91.20 and another £30 is paid so total owed to me is now £121.20
Month 5 my £121.20 is now worth £121.99 and another £30 is paid to total owed to me is now £151.20.....
and so forth and so forth....
Any help would be appreciated. Thanks