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Read the contract. If the contract says they can...

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โˆ™ 2006-03-20 19:31:39
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Q: Can collection agencies double your interest rate?
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Write a program to calculate simple interest?

public double calculateSimpleInterest(double principal, int years, double rate){ double interest = 0; interest = (principal * years * rate)/100; return interest; } The above method will take the principal, rate of interest and no. of years and calculates the simple interest and returns the value.

What is the interest rate to double money in seven years?

If you have an annual interest rate then is 10.405%

What is the formula for double growth annuity rate?

It is called the rule of 72. You take the interest rate you will be receiving and divide that number into 72. the answer will be the number of years it will take you to double your money at that interest rate.

What is rule 72?

How long it will take for your money to double/divide the annual interest rate into 72.

What interest rate do you need to double 500?

Any positive rate of interest - as long as you leave the money invested for long enough.

What interest rate is required for an investment with continuously compounded interest to double in 8 years?

It is approx 8.66%

If something has been sent to collection can the collection agency charge you interest?

If the original creditor charged interest then the collection agency will continue to accrue interest at either your states legal rate or whatever you agreed to in the original contract until the debt is either paid or sold to another collection agency or placed with an attorneys firm for legal litigation.

Years of the world?

About 8 years to double (divide 70 by the interest rate), and presumably another 8 years to double again? This supposes compound interest. For simple interest, 11 years to double and 33 to quadruple.

What rate of simple interest is needed for 1000 to double in 3 years?

331/3 percent simple interest will double any amount in 3 years.

You owe a Capital One credit card from 2002 you just received a letter from a collection agency you suppose it is and the amount has more than doubled you only owed about 1200 and this bill says 4199?

Credit card Default-level Interest is a terrible thing. The Defaulted account interest rate can sometimes climb to over 25%. The reason your amount owed is so much higher than you remember is due to this increased interest rate, as well as various collection agecy fees that are often assessed. Most debt-management agencies can get that extra interest reduced/removed and lower the current interest rate. To avoid this in the future - pay your bills on time and make/stick to a budget.

What is nominal interest?

Nominal InterestA nominal interest rate is the interest rate that does not compensate for inflation. This is used in relation to "effective interest rate" or "real interest rate."" Real Interest Rate = Nominal Interest Rate - Inflation Rate " Improvement suggested by Palash Bagchi.

How does corporate bond ratings work?

The leading rating agencies give a rating when a bond is first issued, and that rating determines how high the interest rate on that bond is. A higher rating means the bond will have a lower interest rate.

What is the rate of interest if a sum of money doubles itself in 10 years at simple interest?

A simple interest rate of 10 per cent per year will double a sum of money in ten years.

In how many years your amount will be double if rate of interest is 10 percent annually in compound interest?

Approximately 7 years. The general rule is to divide 70 by the interest rate to get an approximation of how long it will take to double. If the interest is compounded annual you will have $194.88 after 7 years, and $214.37 after 8 years. Though if interest is compounded more regularly (ie. monthly or daily) this will grow at a slightly faster rate.

What is the length of time required before a 1000000 deposit will double if the interest rate is 10 percent?

There's a rule of thumb for "double your money" problems: Time = 70/interest rate, so in this case approx 7 years.

How long will money in savings take to double at 5 percent interest compounded annually?

Use the "rule of 72"...simply put, using compound interest you take the number 72 and divide it by the interest rate. Thus, at 5% the time to double is 14.4 years. This formula can be used for calculating a "double" for any interest rate using the same mathematical procedure.

What is the rule of 72 in savings and investments?

The rule of 72 is a quick and very accurate method of determining how long it takes for money to double at a specified rate of interest, compounded annually. For example, using the rule of 72 with a compounded interest rate of 6% it would take 12 years to double your money (72 divided by 6). The precise amount of time it takes to double your money at 6% based on the actual computation of compounded interest is 11.9 years. The rule of 72 works very well unless the rate of interest exceeds 20% at which point the error rate starts to deviate substantially from the actual answer. The rule of 72 can also be used to figure out what rate of interest you need to double your money in a specified number of years. For example, if you want to double your money in 5 years, divide 72 by 5 and the interest rate needed is 14.4%.

What does the nominal interest rate mean?

A nominal interest rate is an interest rate that does not factor in the rate on inflation. Nominal interest rate could also refer to an interest rate that does not adjust for the full effect of compounding.

Do investments double every 10 years?

Sometimes. It depends on the interest rate. The rule of 72 will tell you when your investment will double.Example(usage): you invest x dollars at 9% interest per year. 72/9 = 8It will take 8 years for your investment to reach 2x at 9% annual interest.The interest needed to double an investment in 10 years is:72/x=107.2% interestSo if your investment had an annual interest rate of 7.2% it would double in 10 years.

How many years will it take 100 to double check if you are simple interest rate is 4?

It will take 25 years for a 100 to double check if you have a simple interest of 4 percent.

How does the real interest rate relate to the nominal interest rate?

A real interest rate and a nominal interest rate are quite similar. The only real difference between the two interest rates are that a nominal interest rate include the cost of inflation where as the real interest rate does not.

What is the formula to calculate monthly interest rate if the annual interest rate is known?

Annual Interest Rate divided by 12= Monthly Interest Rate

How do you convert annual interest rate to monthly?

Let i = annual rate of interest. Then i' = ((1+i )^(1/12))-1 Where i' = monthly rate of interest

How many years will it take for 4000 to double at a simple interest?

The same time that it will take for any other amount to double. However, for the actual calculations you need to know the interest rate.

What is the Formula for simple interest rate?

The answer for rate in simple interest is =rate= simple interest\principle*time