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-   -   How to calculate 8% interest (https://www.askmehelpdesk.com/showthread.php?t=431801)

  • Jan 5, 2010, 02:17 PM
    Ellla
    How to calculate 8% interest
    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?
  • Jan 6, 2010, 01:44 AM
    ROLCAM

    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.

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