How does BPI calculate interest?
BPI calculates the finance charge by multiplying your card's interest rate with the average daily balance (ADB). You may refer to BPI's sample interest computation. To compute the ADB, BPI does the following: Multiplying the previous credit card statement balance with the number of days the amount is unchanged.
The interest rate is the amount charged on top of the principal by a lender to a borrower for the use of assets. An interest rate also applies to the amount earned at a bank or credit union from a deposit account. Most mortgages use simple interest.
- Step 1: To calculate your interest rate, you need to know the interest formula I/Pt = r to get your rate. ...
- I = Interest amount paid in a specific time period (month, year etc.)
- P = Principle amount (the money before interest)
- t = Time period involved.
- r = Interest rate in decimal.
| Financial institution | APY | Minimum opening balance |
|---|---|---|
| Discover Bank | 1.50% | $0 |
| Marcus by Goldman Sachs | 1.50% | $0 |
| Ally Bank | 1.40% | $0 |
| American Express National Bank | 1.40% | $0 |
| Bank | Interest rate (PHP 100,000 for 1 year) | Interest (PHP) |
|---|---|---|
| EastWest | 3.900% | 3,120.00 |
| PBCOM | 3.500% | 2,800.00 |
| RCBC | 2.375% | 1,900.00 |
| Maybank | 1.750% | 1,400.00 |
For example, if you currently owe $500 on your credit card throughout the month and your current APR is 17.99%, you can calculate your monthly interest rate by dividing the 17.99% by 12, which is approximately 1.49%. Then multiply $500 x 0.0149 for an amount of $7.45 each month.
| Tenor | Factor Rate | Effective Rate/Annum |
|---|---|---|
| 6 | 0.186667698 | 40.05% |
| 12 | 0.103336822 | 41.71% |
| 18 | 0.075560430 | 41.51% |
| 24 | 0.061669382 | 40.89% |
...
At a Glance: Updated List of BPI Savings Accounts.
| BPI Savings Account | Required Initial Deposit | Interest Rate (per annum) |
|---|---|---|
| Maxi-Saver with ATM card | Php 2,000,000 | 0.125% |
PhP300 is the service charge amount. The required ADB is based on your account type. ADB refers to Average Daily Balance, which is defined as the sum of the daily end-of-day balances in the account for a month divided by the number of days in that month. Thank you.
A card-based savings account that lets you earn more as you save more. Get an additional 0.125% interest if you don't make any withdrawals within the month. *Interest rates found below. Get better rates than a regular savings account.
What are interest rates right now?
...
Current Mortgage and Refinance Rates.
| Product | Interest Rate | APR |
|---|---|---|
| 30-Year Fixed Rate | 5.570% | 5.580% |
| 30-Year FHA Rate | 4.830% | 5.680% |
| 30-Year VA Rate | 4.900% | 5.100% |
| 30-Year Fixed Jumbo Rate | 5.580% | 5.590% |
For example, if you take out a five-year loan for $20,000 and the interest rate on the loan is 5 percent, the simple interest formula works as follows: $20,000 x . 05 x 5 = $5,000 in interest.
Today's national 30-year mortgage rate trends
On Wednesday, August 10, 2022, the national average 30-year fixed mortgage APR is 5.580%. The average 30-year refinance APR is 5.540%, according to Bankrate's latest survey of the nation's largest mortgage lenders.
Divide the amount of interest paid over the year by the current loan balance. For example, $3,996 divided by a current loan balance of $83,828 equals 0.0476. Multiply that number by 100 to get the approximate interest rate — in this case, 4.76 percent.
| Bank | Interest rate (PHP 100,000 for 1 year) | Interest (PHP) |
|---|---|---|
| EastWest | 3.900% | 3,120.00 |
| PBCOM | 3.500% | 2,800.00 |
| RCBC | 2.375% | 1,900.00 |
| Maybank | 1.750% | 1,400.00 |
| Bank | Tenure | Interest Rates for General Citizens (per annum) |
|---|---|---|
| HDFC Bank | 7 days to 10 years | 2.50% to 5.50% |
| Axis Bank | 7 days to 10 years | 2.50% to 5.75% |
| Union Bank of India | 7 days to 10 years | 3.00% to 5.60% |
| Canara Bank | 7 days to 10 years | 2.95% to 5.50% |
| Tenor | Factor Rate | Effective Rate/Annum |
|---|---|---|
| 6 | 0.186667698 | 40.05% |
| 12 | 0.103336822 | 41.71% |
| 18 | 0.075560430 | 41.51% |
| 24 | 0.061669382 | 40.89% |
- CIT Bank – APY: 1.90%, min. ...
- Citizens Access – APY: 1.75%, min. ...
- Barclays Bank – APY: 1.65%, min. ...
- Synchrony Bank – APY: 1.65%, min. ...
- Bread Savings (formerly Comenity Direct) – APY: 1.65%, min. ...
- Capital One – APY: 1.50%, min. ...
- Marcus by Goldman Sachs – APY: 1.50%, min.
...
At a Glance: Updated List of BPI Savings Accounts.
| BPI Savings Account | Required Initial Deposit | Interest Rate (per annum) |
|---|---|---|
| Maxi-Saver with ATM card | Php 2,000,000 | 0.125% |
