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Mr_love_monkey · 09-03-2009, 21:25

OK, I'm having trouble working this out, and I need to get it right.

Say, for example, someone owes me Â£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 Â£24 a day seems steep...

anyone?

09-03-2009, 21:25	#1
Mr_love_monkey Inactive Join Date: Jun 2003 Location: London way Age: 50 Services: Sarcasm Posts: 8,376	daily interest rate OK, I'm having trouble working this out, and I need to get it right. Say, for example, someone owes me Â£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 Â£24 a day seems steep... anyone?