Interest Calculator

Full instructions for using this Interest Calculator, and important legal notices, are further down this page.

Today is

Instructions

Step 1 - Choose your starting date

Select the starting date of your choice using the drop-down arrows next to each selection box.
The day of the week will be calculated automatically for you. When you first open the Interest Calculator,
the date is automatically set to today's date. As the calculator takes today's date from your system
clock, it is important to make sure that your system date is correctly set for this function to work
properly.

Step 2 - Choose your ending date

Select the ending date of your choice using the drop-down arrows next to each selection box.
The day of the week will be calculated automatically for you. When you first open the Interest Calculator,
the date is automatically set to today's date. As the calculator takes today's date from your system
clock, it is important to make sure that your system date is correctly set for this function to work
properly.

Step 3 - Enter your principal sum

Enter the principal sum on which you want interest to be calculated. You should not enter
any currency sign. Nor should you enter any commas in the number.

Step 4 - Enter your rate of interest

Enter the annual rate of interest which you wish to apply to your principal sum. You should
not enter any percentage sign. Nor should you enter any commas in the number.

Step 5 - Calculate

Press the button marked "Calculate" to carry out the calculation. On the right hand side of the
form will be displayed the number of days difference between your starting date and your ending date,
the interest on the principal sum (rounded to two decimal places), and the total of the principal sum
plus the interest (again rounded to two decimal places).

**Method of calculation:**

The interest is calculated as simple interest using the conventional approach used by litigation lawyers
in England and Wales. This approach is to calculate the annual amount of interest on the principal
sum, then divide by 365 to obtain a daily amount of interest, and then multiply this daily amount by the
actual number of days in the relevant period. Note that the calculation *excludes* the starting
date itself (ie. day number 1 is the day *after* your starting date) but *includes* the ending
date.

Legal Notices

**Year 2000 compliance.** This calculator is year 2000 compliant, assuming that the system
on which it is used is also year 2000 compliant. In other words, it works for dates before,
after, in, and spanning, the year 2000.

**Disclaimer.** Every effort has been made to ensure that this calculator functions correctly,
and members of Chambers themselves use it. However, no liability can be accepted for any errors
which might arise in its operation, and use is entirely at the user's risk.

**Copyright.** © 2001-.
Copyright in this calculator vests in the Head of Chambers for the time being
of New Square Chambers. However, this
calculator is freeware and may be used on this website without charge for any commercial or
non-commercial purpose.

**Feedback.** If you have any comments (whether good or bad) on this calculator or if you spot any errors, New
Square Chambers would be only too pleased to hear about them. Please
e-mail us.
Thank you.

© 2000 to

Head of Chambers of New Square Chambers

Version 1.2

SA