L
Lmorrin9
Guest
HOW DO I CALCULATE INTEREST OF 6% PER ANUM ON A BALANCE FROM A SPECIFIC DATE AND HAVE IT RUN A
TOTAL EVERY DAY
TOTAL EVERY DAY
SteveA
Registered User.
- Local time
- Tomorrow, 10:55
- Joined
- Oct 8, 2001
- Messages
- 126
There are a few things that could impact your design when it comes to tracking accrual. These include:
* The type of interest are you wanting to track? Compound, Simple, Rule of 78 etc.
* How the annual percentage rate is to be calculated ie 366/365, 365/365, 90 day bank bill rates
* Are you looking at accruing interest for a set periond, and then capitalising it on a specific date?
* If the balance can be changed, do you need to handle backdated transactions?
* If yes to the previous question, what legal obligations do you have to reimburse pre-charged interest or request short-falls?
I'm probably going over the top, but without knowing what the intended audience is, I thought I would just throw up a few questions. There are plenty more, but you can let me know if I'm heading off in the wrong direction.
Cheers
SteveA
* The type of interest are you wanting to track? Compound, Simple, Rule of 78 etc.
* How the annual percentage rate is to be calculated ie 366/365, 365/365, 90 day bank bill rates
* Are you looking at accruing interest for a set periond, and then capitalising it on a specific date?
* If the balance can be changed, do you need to handle backdated transactions?
* If yes to the previous question, what legal obligations do you have to reimburse pre-charged interest or request short-falls?
I'm probably going over the top, but without knowing what the intended audience is, I thought I would just throw up a few questions. There are plenty more, but you can let me know if I'm heading off in the wrong direction.
Cheers
SteveA
L
Lmorrin9
Guest
HI STEVE:
OK, THE BALANCE IS A JUDGMENT BALANCE OWED,
IT DOESN'T CHANGE. THE INTEREST IS LEGAL
AT THE RATE OF 6% PER ANNUM APPLIED DAILY
UNTIL THE JUDGMENT IS SETTLED. IS THIS A
LITTLE CLEARER. ANY SUGGESTIONS. THANKS
OK, THE BALANCE IS A JUDGMENT BALANCE OWED,
IT DOESN'T CHANGE. THE INTEREST IS LEGAL
AT THE RATE OF 6% PER ANNUM APPLIED DAILY
UNTIL THE JUDGMENT IS SETTLED. IS THIS A
LITTLE CLEARER. ANY SUGGESTIONS. THANKS
