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If a judgment is still accruing interest can a payment be applied to the original amount of the debt stop the agency from adding any more interest?
Your specific question and situation requires a legal opinion. This answer is a general one only. That having been said...
Judgments, being legal actions, usually accrue interest according the terms set by the judge when the judgment is granted. So paying the creditor would not stop the interest unless that continency was covered in the disposition.
What else can I help you with?
Can you explain how the APR on a credit card works?
The APR on a credit card is the annual interest rate charged by the credit card company for borrowing money. It is expressed as a percentage and is applied to any outstanding balance on the card. The higher the APR, the more you will pay in interest if you carry a balance on your card. It's important to pay off your balance in full each month to avoid accruing interest charges.
What is the difference between monthly interest and annual interest rates?
Monthly interest rates are the interest rates calculated and applied on a monthly basis, while annual interest rates are the interest rates calculated and applied over a year. Monthly interest rates are typically lower than annual interest rates because they are based on a shorter time period.
What is the difference between interest rate and APY when you are shopping for a certificate of deposit?
APR simply reflects the annual interest rate that is paid on an investment, but doesnÕt take into effect how interest is applied. APY takes into account how often the interest is applied to the balance, which can vary daily to annually.
How can I calculate the monthly interest rate on a loan or investment?
To calculate the monthly interest rate on a loan or investment, divide the annual interest rate by 12. This will give you the monthly interest rate that is applied to the loan or investment.
How do you calculate interest after the promotional period ends?
To calculate interest after the promotional period ends, you typically use the regular interest rate on the remaining balance of the loan or credit card. This rate is applied to the outstanding balance to determine the amount of interest that will be charged.
Can a judgment get interest applied to it?
Yes it can. Usually in the judgment itself it will state the interest rate wich applies.
How is interest calculated on a money judgment?
That answer will vary from state to state. In California, you can collect 10% per year on the oustanding balance. You take 10% of the outstanding judgment and divided that number by 365 to obtain the daily rate of interest. Multiply the number of days since the entry of judgment. Payments are applied to interest first and then to the principle. The interest is not capitalized.
Can you explain how the APR on a credit card works?
The APR on a credit card is the annual interest rate charged by the credit card company for borrowing money. It is expressed as a percentage and is applied to any outstanding balance on the card. The higher the APR, the more you will pay in interest if you carry a balance on your card. It's important to pay off your balance in full each month to avoid accruing interest charges.
What is the original amount borrowed or invested is called the?
The original amount borrowed or invested is called the principal. This is the initial sum of money on which interest is calculated, representing the core value of the loan or investment before any interest or returns are applied. Understanding the principal is crucial for calculating interest and determining the overall financial implications of a loan or investment.
When are income taxes applied to the interest earned by business-owned annuities?
When are income taxes applied to the interest earned by business owned annuities
When are income taxes applied to the interest earned by business owned annuities?
When are income taxes applied to the interest earned by business owned annuities
What is the interest in one year on 744 million pounds?
That depends on the rate of interest to be applied.
Is interest applied to the saving account?
Yes, most savings accounts pay interest.
What is the difference between monthly interest and annual interest rates?
Monthly interest rates are the interest rates calculated and applied on a monthly basis, while annual interest rates are the interest rates calculated and applied over a year. Monthly interest rates are typically lower than annual interest rates because they are based on a shorter time period.
How and why interest expense is allocated between measurement periods?
Interest expenses are allocated between measurements periods since most interest charges are applied to the accounts on quarterly basis. Although most interest is measured on annual basis, the charges are applied quarterly.
The concepts of simple interest?
Simple interest is interest that is applied to the original amount for the whole period of the investment or loan. This is unlike compound interest where the interest received on an investment is re-invested, or the interest due on a loan is added to the loan outstanding if unpaid, and so itself gains interest. With simple interest on loans, it is often calculated that borrowing a certain amount for a number of years will be charged at a certain rate for the whole period; then at the end of the period of borrowing the original loan and all the interest are repaid at that moment. However, if monthly repayments are made, then part of the original loan as well as the interest for the month are repaid; this means that not all the loan is borrowed for the whole period and so the real [effective] rate of interest for the period is actually higher than the given rate as that given rate assumes no part of the loan is repaid until the very end.
What happens when you don't pay your property taxes?
When property taxes are not paid on time penalties and interest are applied. The penalty is usually a percentage amount for payments after the due date. For example, if real estate taxes have a 10% penalty for payments made after June 15, your property tax will be 10% higher if you pay it on June 16 or after. Interest is also applied to any amount unpaid after the due date. To continue with the earlier example, if I pay my real estate taxes on August 1 the original tax amount billed would have a penalty added for being paid after the June 15 due date and interest applied to the original billed amount at the uniform rate charged for nonpayment (usually as set annually by the tax ordinance for the taxing district). If you can't pay our property taxes ask your local assessor or tax collector to explain how penalties and interest are applied.
