NL1960:


I = P * T * R / (number of days in the year)

I - Interest to be earned
P = Principal
T = Tenor
R = Rate in percentage
number of days in the year = 365 or 366(Leap Year)

P = 1,000,000 (Assume you are investing N1m)
T = 359
R = 19.50 = 19.50/100 = 0.195

I = (1,000,000 * 359 * 0.195) / 366 = 191,270.49

So your Interest is 191,270.49

GTB should debit you with: 1,000,000 - 191,270.49 = 808,729.51

NB: Charges are not included in this explanation.

Note: Different banks have different ways of passing the entries. Some banks will debit you with N1m and then credit you with 191,270.49. At maturity, you are now credited with N1m.

Pls do calculation lets say 14% for 91 days. Principal of 3m

cutedharmee:

Pls do calculation lets say 14% for 91 days. Principal of 3m

I = ( P * T * R )/366

I = ( 3,000,000 * 91 * 0.14 )/366 = 104,426.23

THANK YOU.🙏 THEY'RE RIGHT I GUESS.

MEANWHILE DO YOU UNDERSTAND WHY THE BALANCE IN MY SMS ALERT WILL BE DIFFERENT FROM THAT IN MY INTERNET BANKING APP TO THE TUNE OF 4 TO 5K DIFFERENCE SOMETIMES? THIS IS ESPECIALLY SO WITH UNION AND GTB.
IT'S CONFUSING. AFTER CALCULATING I'LL NOTICE THAT ONE IS MORE ACCURATE. WHAT KIND OF THE MORE YOU LOOK THE LESS YOU SEE IS THAT. PLS ANY EXPERIENCE AND OR EXPLANATION FOR THIS? I NO WANT TO THEY MEET THIS BANK PEOPLE BEFORE I CONFIRM FROM OTHERS SO I CAN KNOW IF IT'S WORTH ENGAGING THEM OR NOT.

NL1960:


I = P * T * R / (number of days in the year)

I - Interest to be earned
P = Principal
T = Tenor
R = Rate in percentage
number of days in the year = 365 or 366(Leap Year)

P = 1,000,000 (Assume you are investing N1m)
T = 359
R = 19.50 = 19.50/100 = 0.195

I = (1,000,000 * 359 * 0.195) / 366 = 191,270.49

So your Interest is 191,270.49

GTB should debit you with: 1,000,000 - 191,270.49 = 808,729.51

NB: Charges are not included in this explanation.

Note: Different banks have different ways of passing the entries. Some banks will debit you with N1m and then credit you with 191,270.49. At maturity, you are now credited with N1m.

Risingcash94:
THANK YOU.🙏 THEY'RE RIGHT I GUESS.

MEANWHILE DO YOU UNDERSTAND WHY THE BALANCE IN MY SMS ALERT WILL BE DIFFERENT FROM THAT IN MY INTERNET BANKING APP TO THE TUNE OF 4 TO 5K DIFFERENCE SOMETIMES? THIS IS ESPECIALLY SO WITH UNION AND GTB.
IT'S CONFUSING. AFTER CALCULATING I'LL NOTICE THAT ONE IS MORE ACCURATE. WHAT KIND OF THE MORE YOU LOOK THE LESS YOU SEE IS THAT. PLS ANY EXPERIENCE AND OR EXPLANATION FOR THIS? I NO WANT TO THEY MEET THIS BANK PEOPLE BEFORE I CONFIRM FROM OTHERS SO I CAN KNOW IF IT'S WORTH ENGAGING THEM OR NOT.

You might need to take it up with them.

Some might show 'Current Balance(Ledger Balance)' while some will show 'Available Balance'.

Nakedman:
Here you go!. 21.24% here.

Mmm. Juicy 😁

X

NL1960:


I = ( P * T * R )/366

I = ( 3,000,000 * 91 * 0.14 )/366 = 104,426.23

104000 on 3million for 3months?
God forbid
I'll rather go do business with my money

cutedharmee:

104000 on 3million for 3months?
God forbid
I'll rather go do business with my money

..
Tell us the business that will yield More than that

cutedharmee:

104000 on 3million for 3months?
God forbid
I'll rather go do business with my money

If you do business with it and make 500k in 3months,
1. You took some risk, cos things could have gone south.
2. You put in your time and intellect for three months, after paying yourself for the time and intellect invested, the real profit may now be less than 100k, but most people prefer to discount tge cost of their efforts and still count the profit as 500k.


TBiLLs are: risk free, efforts-free.
No offloading goods, taking customers insults, collecting fake notes, no dragging customer with your neighbor 😁😁


This is not saying people should not do business but rather only do Tbills, that's not the suggestion at all, the post is about making fair comparisons between investment returns.

heavenisreal18:
..
Tell us the business that will yield More than that

I know people who trade grains with c. 15% markup.

Wheat for instance, 3 tons @2.65m was sold in bags of 100kg at 110k per bag to gross N3.3m

cutedharmee:

Pls do calculation lets say 14% for 91 days. Principal of 3m

Secondary market for similar Tenure should be more than 14%

awesomeJ:


If you do business with it and make 500k in 3months,
1. You took some risk, cos things could have gone south.
2. You put in your time and intellect for three months, after paying yourself for the time and intellect invested, the real profit may now be less than 100k, but most people prefer to discount tge cost of their efforts and still count the profit as 500k.


TBiLLs are: risk free, efforts-free.
No offloading goods, taking customers insults, collecting fake notes, no dragging customer with your neighbor 😁😁


This is not saying people should not do business but rather only do Tbills, that's not the suggestion at all, the post is about making fair comparisons between investment returns.

Nicely put. I see it as money making more money while you sleep or focus on other things

Odunharry:

Secondary market for similar Tenure should be more than 14%

I actually thought the 14% is suppose to be on each million . Like 14% of 1million which equals 140,000 multiplied by 3 which is the principal interest

heavenisreal18:
..
Tell us the business that will yield More than that

Oga i stay here in the North and when I tell u there are businesses that'll yield that, I mean it.