curious as to how much im actually saving

A question about : curious as to how much im actually saving

Hi all,

managed to get my first 0% for 19 months and just curiousas to how much im actually saving while earning 3% interest in the 123 acc not paying off the balance on the CC.

will be spending Ј600 on a new PC this month, along with my outgoings of Ј250-300 per month until i max the card out all will be put onto this card

the calculators ive found do not allow me to put these figures in and just allow the balance once and not ongoing. is there a formula on working this out? thanks

Best answers:

• 19 months of Ј250-300 a month (Average per month =Ј275) = Ј5225 by month 19
  Average balance over the course of this period (half of final balance) = 2612.5
  Plus Ј600 initial spend on PC = Ј3212.50
  APR/12 = 3%/12 = 0.25% interest a month
  0.25% a month for 19 months = 4.75%
  Ј3212.50 x 4.75% = Ј152.60 (before tax)
  Lots of assumptions
  The monthly interest is an approximation that doesn't take into account compounding
  That the same amount is paid on the card each month
  Doesn't account for payments onto the card. Always pay the minimum payment. This will reduce the balance and so reduce your stoozing pot, reducing your profit.
  That from the outset you have more than Ј3000 in your account so earn 3% APR throughout
  Doesn't account for the Ј24 a year fee
  That you continue to earn 3% on the money (123 may change, you may not satisfy monthly requirements)
  That your CC has a limit that can sustain 19 months of spending.
  After basic rate tax and the fee your Ј152.60 becomes around Ј98 over the 19 months.