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- Multiply the interest rate by your fixed amount. In the example above, 7% x N500,000 = N35,000.
- Divide the result by 12 months: (N35,000/12 months) to get your monthly payments (N2,916).
- Subtract 10% tax: N2,916 – N292 = N2,624 payable monthly
- Please content your banks for more details.
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Tuesday, October 11, 2016
How is my fixed deposit interest calculated?
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