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Interest on a debt

  1. 01-31-2011, 08:12 AM #1
    ChrisMattock is offline
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    Interest on a debt

    Good morning all,

    It's 7am here and a Monday morning so my brain isn't working very well and I am struggling with an interst calculation. I have tried googling for the answer and looking through the forum but can't find the solution for this specific problem.

    I was owed $100 per month between May 2008 and December 2009, with an agreed interest rate of 6% per annum, I am still owed this money and I need to calculate the interest on it.... to make it a little harder I was paid a sum of $200 in August 2010 and a sum of $200 in October 2010. Can you help please?
    Last edited by ChrisMattock; 01-31-2011 at 02:37 PM.
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  2. 01-31-2011, 10:08 AM #2
    shg is offline
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    Re: Interest on a debt

    I was owed $100 per month between May 2008 and December 2009
    What does that mean?

    What was the amount of the principal?
    Entia non sunt multiplicanda sine necessitate
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  3. 01-31-2011, 10:36 AM #3
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    Re: Interest on a debt

    Sounds like some dodgy lending to me

    Dom
    Last edited by Domski; 01-31-2011 at 10:38 AM.
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  4. 01-31-2011, 10:38 AM #4
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    Re: Interest on a debt

    I read the question as 20 payments of $100.
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  5. 01-31-2011, 10:39 AM #5
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    Re: Interest on a debt

    Upon re-reading it I agree. I'm really struggling today.

    Dom
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  6. 01-31-2011, 10:47 AM #6
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    Re: Interest on a debt

    just simple interest of 6% APR?...not compounded...correct?
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  7. 01-31-2011, 11:12 AM #7
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    Re: Interest on a debt

    Hello

    Im not totally sure I know what it is you need but I have attached a sheet that may help.

    Cheers

    Jim
    Attached Files Attached Files
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  8. 01-31-2011, 01:26 PM #8
    ChrisMattock is offline
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    Re: Interest on a debt

    Ok, so to clarify... or at least to attempt to clarify.

    I was underpaid for some work I did, every single month for the aforementioned period...

    So I now need to claim back that money with interest, for example.

    In May 2008 I was underpaid $100, so I need to claim $100 plus interest from May 2008 until now
    In June 2008 I was underpaid $100, so I need to claim $100 plus interest from June 2008 until now
    In July 2008 I was underpaid $100, so I need to claim $100 plus interest from July 2008 until now
    Etc.

    But in a partial payment I was paid $200 in August 2010 and $200 in October 2010, therefore the amounts of interest and payments due from August onwards and even more so from October onwards need to be reduced.

    I can no longer use Monday morning as an excuse, it is now the afternoon and I still can't work it out.
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  9. 01-31-2011, 01:29 PM #9
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    Re: Interest on a debt

    Have you looked at the attahced sheet in the previous post?

    If you can let me know which part of it is not doing what you need then I could take another look for you.

    Cheers

    Jim
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  10. 01-31-2011, 02:36 PM #10
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    Re: Interest on a debt

    Ah, sorry - missed that Jimmy, you have indeed solved my problem. Thanks!
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