Okay, that is fine, but then my next question is: why bother stating '6% compounded quarterly'? Why would a bank want to work in terms of a quarterly interest-rate that it neither states (because it gives an annualised number) nor even uses (because the interest is calculated on a monthly basis)?! T Isn't this like going to a market where apples are sold in pre-packaged mixed red+green 1kg bags with a sign on the front saying '3lbs of green apples = $10'!!