Compound Interest-where to find it.

[Pib]

 

But pushing aside the smoke-and-mirrors, shell-game, etc., type interest rate advertising banksters use to promote their products, a person needs to determine/compare the "effective" interest rate which takes some math.

 

 

Details here: https://www.investopedia.com/terms/e/effectiveinterest.asp

 

[scubascuba3]

Could be....from the Krungsri website...more details on how they calculate/pay the interest the an MTD account.

 

Nothing there to indicate its compounding daily so it must be monthly when its paid.

 

You could work it out easy enough using your balance throughout say the last month

 

[Oxx]

58 minutes ago, scubascuba3 said:

Nothing there to indicate its compounding daily so it must be monthly when its paid.

 

You could work it out easy enough using your balance throughout say the last month

 

 

If you really don't understand Pib's screenshot, it would be better you kept quiet.  You're just making yourself appear a moron.  (Not that there's anything wrong with being a moron.  Currently it's a requirement for being president of the United States.)  Anyway, you're utterly wrong.

[scubascuba3]

 
If you really don't understand Pib's screenshot, it would be better you kept quiet.  You're just making yourself appear a moron.  (Not that there's anything wrong with being a moron.  Currently it's a requirement for being president of the United States.)  Anyway, you're utterly wrong.

Maybe you can explain then without being a snidey idiot?

[Oxx]

Perhaps it's better to be a snidey idiot than a total idiot.

 

Look at the equation in the bottom right corner of Pib's screenshot.  And if you can't understand it, then it's not my job to teach you elementary mathematics.  Time for you to go back to kindergarten, methinks.

[lkn]

1 hour ago, Oxx said:

Look at the equation in the bottom right corner of Pib's screenshot.  And if you can't understand it, then it's not my job to teach you elementary mathematics.

That equation shows that interests are calculated daily, not that they are compounded.

 

So if my balance is 500,000 baht on the 1st, then interests for that date is 500,000 × 1.3% / 365 = 17.8082 baht.

 

The interests for the 2nd, with unchanged balance, will *also* be 17.8082 baht rather than (500,000 + 17.8082) × 1.3% / 365 = 17.8089 baht.

[scubascuba3]

Perhaps it's better to be a snidey idiot than a total idiot.

 

Look at the equation in the bottom right corner of Pib's screenshot.  And if you can't understand it, then it's not my job to teach you elementary mathematics.  Time for you to go back to kindergarten, methinks.

You fool that equation shows it isn't being compounded daily. Not much worse than an idiot who thinks he's smart.

 

I hope you apologise for your thickness and snidey attitude

 

[Jonmarleesco]

It's more where you can't get it. Thailand works on simple interest for both deposits and loans. European countries work on compound interest.