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unclejesse1
unclejesse1 asked in Business & FinanceOther - Business & Finance · 10 years ago

How do I calculate Per Annum fee for an assessment?

I have a monthly charge of $145. What is the charge in month 1 for not paying, and what would the fee be in month 2 etc. for not paying?

This is the language from the governing documents: Any assessment not paid within thirty (30) days after the due date shall bear interest from the due date until paid at the rate of twelve percent (12%) per annum.

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  • ?
    Lv 6
    10 years ago
    Favorite Answer

    I = 145 x 12% x (1/12)

    I = 1.45 a month or 17.40 a year

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