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Rounded and Unrounded Monthly Interest Rate

Rounded and Unrounded Monthly Interest Rate

Rounded and Unrounded Monthly Interest Rate

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Optionally, you can select in the interest rate table how monthly interest rate is used in interest calculation. To do this, check Rounded monthly interest rate.

  • Checking it, the monthly interest rate is calculated according to the annualized level and added to annual interest rate. That is, so that you can get total annualized interest rate for the selected period, rounded to two decimal points (e.g. default interest).
  • Leaving the option unchecked, does not round up the monthly interest rate (e.g. contractual interest).

The difference can clearly be observed with larger amounts. So let us take a look at the following example:

Remunerate the amount of €10,000,000 at the monthly revaluated basic interest rate (BIR) of 0.7 and the annualized interest rate of 15% for the period from October 1st, 2000 to October 31st, 2000. That is, the remuneration period: 31 days.

1. Monthly Rounded Interest Rate

The Round Monthly Interest Rate option comes in handy with the default interest as well as for contractual interest that are determined with the annual percentage rate and monthly revaluated interest. They are used for the selected period as total interest rate.

  • monthly interest rate 0.7%, (rounded at annualized level of 8.58%), interest €69,965.71
  • annualized interest rate 15%, interest €119,934.93
  • total annual interest rate 24.87%, (total interest €189,900.64)

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2. Monthly Unrounded Interest Rate

Interest rate is not rounded for contractual interest because it is agreed that the revaluation interest and the real interest are calculated separately.

  • monthly interest rate 0.7%, interest €70,000
  • annualized interest rate 15%, interest €119,914.60

(total interest €189,914.60)

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