Comments on: Advice?

By: parodie

parodie — Wed, 01 Feb 2006 16:11:35 +0000

Bank suggestions: they all suck. Seriously. All the major banks are, as far as I can tell, run by annoying people who don’t actually care about you.

I would suggest ING, actually. But you need to have a bank account somewhere else to get that… maybe Desjardins? I dunno. Good luck.

By: ACW

ACW — Wed, 01 Feb 2006 20:20:33 +0000

I don’t see where you get your $225 number.

I did your numbers for 14 months. At no interest, you wind up with $10,500.00. At 2.5% annual interest, compounded monthly, you get $10,643.38, only $143 more.

By: wolfa

wolfa — Wed, 01 Feb 2006 20:37:19 +0000

ACW: there is a “building block GIC”, where you put in X amount every month, and at the end of the year, you get 2.5% on 12*X. 12*750*0.025 = 225. (You get nothing, pretty much, earlier.) What are the relevant formulas, otherwise? I can try to figure out the maximum possible I could reasonably ask for.

By: Rudbeckia Hirta

Rudbeckia Hirta — Wed, 01 Feb 2006 22:44:58 +0000

Monthly payments of PMT into a savings account earning an annual interest rate of r after M months:

Balance = PMT ((1 + r/12)^M -1)/(r/12)