this is my home work for class VI
I would be very surprised if any bank calculated interest manually now. All account keeping is done electronically.
The only time I remember seeing a clerk do this was in the 1950s when I had a Trustee Savings Bank account, with a hand-written passbook. Those accounts paid 2.5% interest per annum, which, in pre-decimal currency was (1/2)d. per 拢1 per complete calendar month. As the interest rate didn't vary at all, the calculation was relatively straightforward. Today, however, interest rates are changing all the time. |
