Help with working out interest on my calculator

[islandholiday]

Hi there,

Could you help me do a sum?

I get 0.2% interest on my current ISA which is £6000.
How much interest will that be? When I do £6000x0.2 = £120. But I generally get only around £5 interest a year. So I don't know what sum I should be doing on my calculator?

I'm considering moving to another provider that offers 1.2% interest and I want to get a handle on how much extra money that will actually be?

I'm also aiming to put the proceeds from my house sale into a fixed bond with 2.35% interest, and again I want to be clear on how much money that will actually be. The proceeds will be around £80,000.

Any help gratefully received

0.2% means 0.2 ÷ 100 so it would be 0.002 you would put into the calculator. Or input 0.2 ÷100 x 6000

The answer to the above would be £12
For the 1.2% you would do 1.2÷100×6000 = £72

2.35% = 2.35÷100
2.35÷100×80000 = £1880

% means per hundred so you have to divide by 100.

Ok got it thanks!

I was sure I was missing something (but secretly hoping I was right and would get all that extra money!!)