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View Full Version : How to calculate 8% interest


Ellla
Jan 5, 2010, 02:17 PM
I issued a writ of fifa. Debts are collected by enforcement agency. Unfortunately I forgot to calculate the interest rate of 8% (annual). Firstly I thought the Court would do it. Now, I have been advised to review the writ and to apply for interest. But how do I do it? Is there more to consider as calculating 8% from the amount multiplied by the years when the debtor did not pay?

ROLCAM
Jan 6, 2010, 01:44 AM
8% Compound Interest works as follows:-

Year 1 Multiply by 1.08.
Year 2 Multiply by1.08*1.08= 1.1664
Year 3 Multiply by 1.1664*1.08
=1.259712
Following this pattern.