I'm sure this is really simple but just to 'be sure to be sure' I would appreciate an idiots guide in trying to work out what I'm working out…
I lent my brother-in-law a LOT of money recently for two months. Im talking tens of K's here and he was keen to pay me back any interest I lost as I had to take it out of my savings account.
Say, for arguments sake I had 75,000 in my account and lent him 45,000 for two months and my account was paying a gross rate of 1.75. How do I work out the gross amount lost please?
If you need to know I would probably have had the money in my account for 12 months without making a withdrawel had I not had to lend him that cash.
Hope that you can help!
Ta.