A Question Of Simple Maths

[Wrangler3]

Help! I have been told to increase a monthly payment by 0.1%.
That's one-tenth of a percent isn't it?
If I multiply the current amount by 1.01 will that give me the new figure?
Thanks but maths not my strongest talent!

[Ellipsis]

Multiply by 1.001

[dannyk13]

Divide payment by 1/10th and add to original payment.

[Ellipsis]

That's incorrect Danny.

"Divide by 1/10th" means "Multiply by ten"!

Even if you meant "Divide by 10", you would still be increasing the payment by 10% rather than 0.1%, which is a hundred times too much.

Multiply by 1.001.

[Old_Geezer]

0.1% = 0.1 in 100 = 0.01 in 10 = 0.001 in 1

This means you are having to add 0.001 * the original amount, to the original amount.

You can calculate this additional bit and then add it afterwards; or as Ellipsis has pointed out you can work it out in one go using 1.001 * the original amount.

[Wrangler3]

Thanks all!

[Canary42]

It depends on what they mean by increase it by 0.01%.

As a straight proportion the current answers are correct.

BUT, if they mean, for example, increase a current payment of say 1.5% to 1.51% then that's a different matter.