Help with New York calculations
Date: Tue, 06/26/2007 - 14:16
Submitted by IPDL IDIOT IN NY
on
Tue, 06/26/2007 - 14:16
Total Replies: 2
10 LOANS - HERES THE AMT REC'D/AMT PD
400 / 0
500 / 0
350 / 315
400 / 240
600 / 450
200 / 350
400 /1100
350 / 407.50
150 / 183.75
200/ 0
What is the formula for calculating this anyway. Thanks to anyone who can help!
I would say that since pdl's are illegal in NY, that they would
I would say that since pdl's are illegal in NY, that they would not be allowed to charge any interest.
But here is the formula for calculating interest on a $200 loan at the 16% interest. I'll assume that the calculations are for a 2 week period (the average payperiod).
200 x .16 x (14/365) = 1.23
The 14/365 is for 14 days out of the 365 day year. If your loan term was longer you would put that number in instead of 14, that's just an example.
For a 2 week period you would owe $1.23 in interest on a $200 loan at 16% interest. The formula is as follows:
Principal X Rate X Time = Interest Amount
loan
Goudah is exactly right. No interest because they shouldnt have loaned the money. That makes the contract null and void. Please contact the AG there. They need these complaints to do something about these businesses. KYSIDE38