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    polier7374's Avatar
    polier7374 Posts: 1, Reputation: 1
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    #1

    Feb 19, 2008, 02:47 PM
    Interest Rate
    How do I calculate an interest invoice based on past due balance when the contract states that payments due and unpaid shall bear interest from the date payment is due at the rate of 15% per annum?
    MaggieMouse's Avatar
    MaggieMouse Posts: 226, Reputation: 8
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    #2

    Feb 20, 2008, 01:31 PM
    Past due balance x interest rate (usually in annual rate) x days past due. You need to convert the annual to calculate the daily interest.
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