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Based on 365 days in year, Nominal Annual Interest Rate: 5% and a daily compounding period, monthly crediting period:
Daily Rate is: 0 0.00013698630 0001369863014 ==> (0.05 x (1/365)).
The formula is: Interest = Balance x Daily Rate x Number of Days
| Date | Starting Bal | End Of Period Bal | Days | Interest Earned | Total Interest Compounded | ||
|---|---|---|---|---|---|---|---|
| 1st Mar | 0 | 1200 | 1 | 1200 x 0x 0.00013698630 0001369863014 = 0.1643835621643835617 | 0.164383562 | ||
| 2nd Mar | 1200 | 1100 | 1 | 1100 + (compounded interest to date) x DR = 0.1507074499 | 0.3150910116 | ||
| 3rd Mar | 1100 | 1100 | 1 | 1100 + (compounded interest to date) x DR = 0.1507280947 | 0.4658191063 | ||
| 1100 | 1100 | 1 | 1100 + (compounded interest to date) x DR = 0.1507487424 | 0.6165678487 | |||
| 1100 | 1100 | 1 | 1100 + (compounded interest to date) x DR = 0.1507693929 | 0.7673372416 | |||
| 1100 | 1100 | 1 | 1100 + (compounded interest to date) x DR = 0.1507900462 | 0.9181272878 | |||
| 1100 | 1100 | 1 | 1100 + (compounded interest to date) x DR = 0.1508107024 | 1.068937990 | |||
| 1100 | 1100 | 1 | 1100 + (compounded interest to date) x DR = 0.1508313614 | 1.219769351 | |||
| 9th Mar | 1100 | 1100 | 1 | 1100 + (compounded interest to date) x DR = 0.1508520232 | 1.370621374 | ||
| 10th Mar | 1100 | 700 | 1 | 700 + (compounded interest to date) x DR = 0.09607816734 | 1.466699541 | ||
| 1100 | 700 | 1 | 700 + (compounded interest to date) x DR = 0.09609132872 | 1.562790870 | |||
| 1100 | 700 | ||||||
| 1 | 700 + (compounded interest to date) x DR = 0.09610449193 | 1.658895362 | |||||
| 13th Mar | 1100 | 700 | 1 | 700 + (compounded interest to date) x DR = | |||
| 14th Mar | 1100 | 700 | 1 | 700 + (compounded interest to date) x DR = | |||
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