09-03-2009, 22:25
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#1
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Anyone can play guitar
Join Date: Jun 2003
Location: London way
Age: 36
Services: Women for money
Posts: 7,847
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daily interest rate
OK, I'm having trouble working this out, and I need to get it right.
Say, for example, someone owes me £1000 - and the terms say that after 30 days of the debt being due I can charge then 8% + the base rate at the time the debt became due (1%) a day- so I can charge them 9% per day.
How would I work out the daily amount?
I thought it would be (1000*9)/365 - but £24 a day seems steep...
anyone?
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09-03-2009, 22:28
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#2
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Gone
Join Date: Jun 2003
Age: 31
Posts: 14,760
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Re: daily interest rate
Its not (1000 * 9), its (1000 * 0.09). 9 percent means 9 per hundred or 9/100 = 0.09
So its (1000 * 0.09) / 365 = 25p per day in interest.
Last edited by punky; 09-03-2009 at 22:33.
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09-03-2009, 22:30
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#3
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Anyone can play guitar
Join Date: Jun 2003
Location: London way
Age: 36
Services: Women for money
Posts: 7,847
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Re: daily interest rate
Quote:
Originally Posted by punky
Its not (1000 * 9), its (1000 * 0.09). 9 percent means 9 per hundred or 9/100 = 0.09
So its (1000 * 0.09) / 365 = £2.4 per day in interest.
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ah.. that's where I was going wrong.. thanks..!
---------- Post added at 22:30 ---------- Previous post was at 22:29 ----------
Quote:
Originally Posted by punky
Its not (1000 * 9), its (1000 * 0.09). 9 percent means 9 per hundred or 9/100 = 0.09
So its (1000 * 0.09) / 365 = £2.4 per day in interest.
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is it? or is it 24p a day?
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09-03-2009, 22:33
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#4
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cf.mega poster
Join Date: Jan 2004
Posts: 1,164
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Re: daily interest rate
is the base rate not 0.5% now?
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09-03-2009, 22:33
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#5
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Anyone can play guitar
Join Date: Jun 2003
Location: London way
Age: 36
Services: Women for money
Posts: 7,847
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Re: daily interest rate
Quote:
Originally Posted by dev
is the base rate not 0.5% now?
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it is -but at the date the debt became over due it was 1%
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09-03-2009, 22:38
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#6
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Gone
Join Date: Jun 2003
Age: 31
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Re: daily interest rate
Quote:
Originally Posted by Mr_love_monkey
ah.. that's where I was going wrong.. thanks..!
---------- Post added at 22:30 ---------- Previous post was at 22:29 ----------
is it? or is it 24p a day?
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I checked my calculation after i posted and before you did and I did make a mistake somewhere. Its 0.2645 pounds which is 25p, rounding up.
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09-03-2009, 22:40
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#7
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Anyone can play guitar
Join Date: Jun 2003
Location: London way
Age: 36
Services: Women for money
Posts: 7,847
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Re: daily interest rate
Quote:
Originally Posted by punky
I checked my calculation after i posted and before you did and I did make a mistake somewhere. Its 0.2645 pounds which is 25p, rounding up.
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thanks  - damn I thought I was going to be in the money there
bloody agency, late payment, grumble, grumble..
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09-03-2009, 22:45
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#8
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Gone
Join Date: Jun 2003
Age: 31
Posts: 14,760
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Re: daily interest rate
One thing I overlooked, the interest should be compounded as day one will be (£1000 + 9%) and then day 2 will be ((£1000 + 9%) + 9%).
Using an online calculator brings it out at £93.89 over the year and so 26p (£0.257) per day.
http://www.mw-plus.com/webdic.php?fo....00&CalcMode=1
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09-03-2009, 22:51
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#9
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Anyone can play guitar
Join Date: Jun 2003
Location: London way
Age: 36
Services: Women for money
Posts: 7,847
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Re: daily interest rate
Quote:
Originally Posted by punky
One thing I overlooked, the interest should be compounded as day one will be (£1000 + 9%) and then day 2 will be ((£1000 + 9%) + 9%).
Using an online calculator brings it out at £93.89 over the year and so 26p (£0.257) per day.
http://www.mw-plus.com/webdic.php?fo....00&CalcMode=1 |
I don't think I'm allowed compound interest from what I understand of the 'Late Payment of Commercial Debts (Interest) Act of 1998'
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09-03-2009, 23:00
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#10
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Be afraid..........
Join Date: Feb 2009
Posts: 1,103
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Re: daily interest rate
Wish I could charge a charge!
Invoces sent out, and I wait and wait and wait.
This time last year I was owed over 6 grand!
Got it in the end, but after several calls and knocks on their door!
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09-03-2009, 23:09
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#11
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cf.mega poser
Join Date: Jun 2003
Posts: 14,718
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Re: daily interest rate
Quote:
Originally Posted by punky
One thing I overlooked, the interest should be compounded as day one will be (£1000 + 9%) and then day 2 will be ((£1000 + 9%) + 9%).
Using an online calculator brings it out at £93.89 over the year and so 26p (£0.257) per day.
http://www.mw-plus.com/webdic.php?fo....00&CalcMode=1 |
Online calculator... Pah. Recursion is your friend 
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10-03-2009, 00:22
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#12
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[CENSORED]
Join Date: Apr 2005
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Re: daily interest rate
Quote:
Originally Posted by punky
I checked my calculation after i posted and before you did and I did make a mistake somewhere. Its 0.2645 pounds which is 25p, rounding up.
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That'd be 27p
Edit: oops, should read a few more posts before posting
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10-03-2009, 08:44
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#13
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Cable Forum Team
Join Date: Mar 2004
Age: 25
Posts: 16,853
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Re: daily interest rate
Quote:
Originally Posted by danielf
Online calculator... Pah. Recursion is your friend |
No, it is not..
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10-03-2009, 08:53
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#14
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Not Happy
Join Date: Nov 2005
Posts: 4,075
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Re: daily interest rate
Quote:
Originally Posted by lucy7
Wish I could charge a charge!
Invoces sent out, and I wait and wait and wait.
This time last year I was owed over 6 grand!
Got it in the end, but after several calls and knocks on their door!
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Can't you put a late payment clause on your invoice?
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10-03-2009, 17:16
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#15
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Be afraid..........
Join Date: Feb 2009
Posts: 1,103
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Re: daily interest rate
Quote:
Originally Posted by Saaf_laandon_mo
Can't you put a late payment clause on your invoice?
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I could, but I wont!
Its the nature of the game now really, I wont do anything to annoy them, as they could pull 50% of my income just like that!
There are always people ready to step into my shoes ,and want to, to do the job.
I do get paid in the end, its just a waiting game at times, as they are also waiting for payments, you know the usual thing.
My thing is, I still pay my staff on time, for work done.
Sometimes I can get a little near to the edge though.
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