How does ING calculate your monthly interest payment?

[chuckywang]

So as of Jan. 31st sitting in my ING Direct account is $7800.93 earning 4.75% APY and $185.79 earning 3.735% APY.

Nothing changed in the month of February. How much interest did I earn from Feb 1st to Feb. 28th?

 

[Beattie]

take the APY per day and add it up.

*edit = What I mean is to divide it out to figure the amount per day and then add that amount up.

 

[JS80]

Originally posted by: Beattie
take the APY per day and add it up.

*edit = What I mean is to divide it out to figure the amount per day and then add that amount up.

actually they take the daily APR not APY

 

[mrkun]

You earned approximately $31.46 (this is your monthly interest). If you account for inflation it's about $8.57 per month. Congratuluations.

 

[jadinolf]

Originally posted by: mrkun
You earned approximately $31.46 (this is your monthly interest). If you account for inflation it's about $8.57 per month. Congratuluations.

:thumbsup:

 

[chuckywang]

Originally posted by: mrkun
You earned approximately $31.46 (this is your monthly interest). If you account for inflation it's about $8.57 per month. Congratuluations.

Not according to ING...it was about $28. Maybe it has to do with the fact that February only has 28 days.

 

[mrkun]

Originally posted by: chuckywang

Originally posted by: mrkun
You earned approximately $31.46 (this is your monthly interest). If you account for inflation it's about $8.57 per month. Congratuluations.

Not according to ING...it was about $28. Maybe it has to do with the fact that February only has 28 days.

Yeah, I just divided the number I got by 12.