Can someone do some maths for me?

[monkey_tennis]

I am putting in a claim through money claim online.

Invoice amount is 85.00, and I am charging 8% interest a year until it is paid.

The money became due on 6.6.09, and today is 5.7.09.

How much interest is due so far?

 

[selfeax]

Hi,

Chargeable period for interest is 30 days (if you are calculating it daily). In this case, interest due for the period is 0.56p. (85*0.08* (30/365) = 0.56p. So total amount including interest would be 85.56p

 

[GRDCredit]

I know we are only talking pence but why are you only charging 8%?

You are entitled to charge 8% plus the 'reference rate' which until 30 June was 2% and since has been 0.5% - this would increase interest you could claim to 65p!!!

On a more serious note you then have this handy little calculator to work it out for you.


Geoff

 

[selfeax]

that little calculator is, as you rightly put it, very handy!

 

[GRDCredit]

that little calculator is, as you rightly put it, very handy!

See - us credit controllers have our uses. He will thank me for that extra 9p later!

 

[AboveParr]

See - us credit controllers have our uses. He will thank me for that extra 9p later!

Unless you end up chasing him for it of course!

 

[DickM]

Not only a calculator, but a credit collection letter format as well,
2 for the price of none