Under the late payment legislation,if you are in uk,you can.
and here's the link through which you can even calculate how much interest you can charge.
http://www.payontime.co.uk/calculator/statutory.html
The interest is based on the amount owed, therefore as payments are made the balance drops as does the interest amount (not the rate). So the interest is higher at the begining, because more money is owed at the begining.
To make money.
A service charge is typically a charge for a specific action that a company performs on an account or an order. A finance charge is an amount of interest that is charged on an amount of principal owed by a customer.
Credit Card Interest is basically the way credit card companies make money. They charge you interest for borrowing their money. But usually if you pay your bills on time and don't have any fees, they won't charge you any interest.
An in-store charge account is like a credit card account. If you qualify, the store will allow you to purchase items on credit. You are then required to make monthly payments to pay off the merchandise you buy. The store makes money by charging interest on the balance owed.
Assuming Compound Interest I(n) = I(o)[1 + r/100]&(n) Where I(o) = 1250 r = 3.5% n = 4 years Substitutie I(4) = 1250[1 + 3.5/100]^(4) Hence I(4) = 1250 [ 1.035]^(4) I(4) = 1250[1.147523] I(4) = 1434.40 is the total amount owed. NB Compound interest is the usual business practice of calculating interest. NNB Payment would possibly be done on an monthly basis ; 1434.40 / 48 = 29.88 is paid each month .
Yes. If you owe the unpaid interest, it is money that you owe the bank even if it is in dispute. If you did not owe the unpaid interest, then the interest the bank charged was not owed. So, it depends on who wins the argument.
The main source of income for banks is the interest that they charge on loans, however, they also have various other service charges which generate significant income.
The interest is based on the amount owed, therefore as payments are made the balance drops as does the interest amount (not the rate). So the interest is higher at the begining, because more money is owed at the begining.
Income is money coming in; it could be wages or capital gains, or interest on money invested. Interest is a percentage of money owed added to your bill when borrowing money, or the amount that you earn on money invested.
a debtor with a dick
To make money.
Borrowing is the act of taking with intentions of returning it. If you borrow money, most people will charge interest on the money. Most banks charge interest yearly, sometimes monthly. The interest depends on who or where you borrow the money from.
Interest e2020!
interest
A service charge is typically a charge for a specific action that a company performs on an account or an order. A finance charge is an amount of interest that is charged on an amount of principal owed by a customer.
Credit Card Interest is basically the way credit card companies make money. They charge you interest for borrowing their money. But usually if you pay your bills on time and don't have any fees, they won't charge you any interest.