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If a payment is missed on a private contract does Washington State law require that interest be charged?
Wiki User
∙ 15y ago
Greetings fellow Washingtonian! The answer to your question is that the state does not require that you collect interest. I will assume you are talking about a real estate contract (the kind where the seller finances the property--not to be confused with a mortgage or deed of trust). If you are the seller, you are not required to charge any interest at all (my, what a nice person you are). But if the R.E.C. provides for interest, and a payment is not made, then interest will accrue on the unpaid principal. If there is a late fee provided for in the contract, then the late fee may be charged, and if unpaid, the seller may initiate foreclosure proceedings.
Wiki User
∙ 15y ago
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when you request a loan, the institution will give you a contract or paperwork of the loan. In the contract of payment, you will find any details regarding the loan: interest, amount, amortization and other the terms.
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"Payday" loans are typically short-term loans that require re-payment in about 30 to 60 days. Before securing this type of loan, it is important to review and understand when interest is charged, as well as the rate at which interest is charged. If you're unemployed, and won't be able to pay the loan back quickly, the interest charged can be very expensive.
What does -- the process of deferring interest as an asset rather than an expense -- mean in WikiAnswers' answer to Capitalization of Interest?
Interest charged is normally an expense - in that it is a deduction from an account. Deferring payment of the interest, means the money that would have been paid is still in the account - making it an asset.
Is mortgage payment a variable cost?
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Can you get a car loan with a 500 credit score?
Many car dealers advertise that it's possible to obtain a loan with no credit. Do notice that the lower your credit score the higher your down-payment may have to be. In addition, you might be charged a higher rate of interest. Remember to read the loan contract carefully.
