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Hi All,
I am a law student and my maths is very bad. I am not good with sums and numbers however I am in a bit of a dilemma at present. I hope someone can help me work out the interest on the below outlined scenario which relates to a legal debt action.
To three days hire of JCB model JS13OW including delivery to and collection from Barleybridge from 3 April 2007 to 5th April 2007 as per purchase order dated 29 March 2007 £1,000.00
To five days additional days hire at £250 per day as per estimate: 1,250.00
ADD VAT: 393.75
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TOTAL DUE £2,643.75
Dated 12th April 2007.
Terms and conditions:
1) Payment is due within 30 Nett.
2) If payment is not made within 30 days of this invoice, interest will become due at the rate of 15% p.a. in accordance with our standard terms and conditions.
N.b. standard terms and conditions are not relevant to this case study ad are not supplied
I have worked out that the 30 day period begins from the 13th April.
I need to work out the interest after the 30 day until the 15th may. Basically the over due period is 13 days that I need to calculate the interest.
Please help me with this, I need to know what the interest is and I cannot work it out.
Thank you for anticipating.
Dolly
Pages: 1