Hi All,
First post, thanks in advance.
I've recently started monitoring my student loan debt a bit closer and came across what to me seems like impossible math (and I'm educated with a solid math background). Here are two statements pertaining to the same unsubsidized loan, at the end I have two questions:
Statement 1
Statement Date: 5/23/2012
Payment Due: 6/14/2012
Principle Balance: $4876.87
Interest Rate: 2.36%
Accrued Interest on Next Due Date: $9.45
Statement 2
Statement Date: 6/22/2012
Payment Due: 6/14/2012
Principle Balance: $4861.39
Interest Rate: 2.36%
Accrued Interest on Next Due Date: $12.56
Questions:
1. What the heck is accrued interest on next due date referring to? What does this include? From what date to what date? I have never once seen this kind of a term used in a financial statement
2. How is this number being calculated (ie. what is the formula and how would I plug in the numbers I gave to get to the number they came to)?
Ultimately I am working on software to automate a lot of this for myself and others but first I need a firm understanding of these statements which are so poorly organized. Thanks in advance
Sub: #1 posted on Wed, 09/05/2012 - 12:44
Moderators Cum Industry Expert
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Sub: #2 posted on Wed, 09/05/2012 - 13:03
Moderators Cum Industry Expert
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Sub: #3 posted on Wed, 09/05/2012 - 13:13