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Savins calculator
See whit a savins pot could growe tae gin ye eik a fixed amoont ilka month an the balance earns interest, compoondit monthly. A cash buffer is ane o the cheapest weys tae jouk short-term borraein.
- Projectit balance
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- Total peyed in
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- Interest earnt
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The formula
FV = P × (1 + i)m + C × [ ((1 + i)m − 1) / i ]
P is the stertin amoont, C is the monthly contribution, i is the monthly rate (annual rate dividit bi 12) an m is the nummer o months. Gin the rate is zero, the balance is jist whit ye peyed in.
Wirkit example
Start with £500.00, add £100.00 a month for 5 years at 3% a year. You pay in £6,500.00 and the pot grows to about £7,045.48 — roughly £545.48 of interest.
This is an estimate. Real rates chynge, an interest micht be taxt. It taks a constant rate an that ye niver miss a monthly contribution.
Whaur tae gang neist
- Loan affordability sel-check — afore ony borraein decision.
- Oor business loan — the coст, the cap an wha can apply.
- Help wi peyments — gin siller is ticht, speak tae us early.
- MoneyHelper — free, impairtial money guidance backit bi the govrenment.
- gov.uk Business Finance Support — grants an finance ye micht be eligible for.