Authored by: jonathon on Wednesday, June 27 2012 @ 05:10 PM EDT |
>let's use a really bad credit card rate of let's say 22% - compounded once
an hour.
Um, 22% is just slightly above the typical credit card.
What you want is 35%, which is the rate used by Capital One, on accounts that
are more than 60 (¿30?) days delinquent.
Furthermore, you want to assess interest on the same terms as credit cards. 35%
on the average daily balance of the previous 30/60/90 days, depending upon how
much they want to squeeze out of one.
If I did the formula correctly in LibreOffice, that €86,000,000 fine would be,
if unpaid, €1,213,212,175.516240 after one year, at 35% PA on the average daily
balance of the previous 30 days.
At times like this, I wish there was a financial calculator for Linux that would
correctly calculate both the balance, and interest, for this type of
"loan".[ Reply to This | Parent | # ]
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