Trying to work out quarterly interest on an account

[peterwilson]

Hi
I'm trying to work out the quarterly interest on an account.
If on 1 April the balance was €64,572.45 and the rate is 2.97% then what interest should be applied on 1 July?

My caluclations say

64,572.45 * 0.0297 = 1917.80
1917.80 / 4 = 479.45
479.45 less 25% DIRT = 359.59

Is my maths ok?

thanks

 

[Lightning]

Yes, your maths is okay.

Some other considerations:

Sometimes interest might be based on the number of days in the quarter.

Did the rate stay the same for the whole quarter? Did you balance stay the same for the quarter? Does you bank calculate a quarter as being a calendar quarter and not an accounting quarter?

 

[sunrock]

Does the above rate include bonuses?
Bonuses have their own rules such as an extra bonus at the end of the year.This would not be included in the quarterly interest, but would be part of the rate ,so this would have to be taken into account.