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The interest rate you will pay on your Business overdraft is linked to the Bank of England Bank Rate, which may change from time to time.
Based on our assessment of your individual circumstances, we may offer you a rate of 10.31% per annum (10.06% plus the current Bank of England Bank Rate). This is correct as at 4th August 2016.
If it is not prearranged, the Unauthorised Borrowing Interest rate is 26.4%.
The unauthorised borrowing interest rate has been effective from 01/08/2005 and was last reviewed on 09/03/2009.
The Unauthorised Borrowing interest rate is not linked to the Bank of England Bank Rate and can be changed by the bank at any time. In accordance to account terms and conditions, notice will be provided for changes to the unauthorised borrowing interest rate.
You'll pay an arrangement fee of up to 1.5% on your overdraft, which is related to the amount you borrow. We'll also discuss the terms with you before any overdraft is taken out.
To cover our administration costs for smaller facilities, there will be a minimum scale charge of between £100 and £250 resulting in the overall charge being more than 1.5%.
Assuming the 28k is put in as one lump sum each year and that the interest is compounded annually, then after 15 years I calculate $453,329 You can use the following online calculator to make adjustments, check my calculations, modify any factors, etc... http://www.bankrate.com/calculators/savings/compound-savings-calculator-tool.aspx
Let us assume that
1.cost of desktop before finance charge is x
2.cost of laptop before finance charge is given that 400 less than cost of desktop before finance charge=x-400
Given that total finance charges for the year is 371
Given interst rate for desktop is 7.5%
interst rate for laptop is 8%
total finance charges=cost of desktop before interst*Interest Rate +cost of laptop before interst*interst rate
therefore 371=x*7.5% +(x-400)8%
371=0.075x +0.08x-32
371+32=0.155x
403. =0.155x
X. =2600
Therefore Cost of desktop before finance charge=2600
Cost of laptop before finance charge=2600-400=2200.
That would depend on the interest rate and the compounding interval. At one percent compounded annually, you would get $1000. At two percent compounded semiannually, you would get $2010.
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