My question involves a child custody case from the State of: CA
I received an order to pay arrears several years ago. The custodial parent's lawyer provided a statement that shows interest. I don't understand how the interest was calculated.
Below is just the first few lines.
Because of formatting, here are the rows from Left to right:
Date, Amount due or payment received, # of days, Interest rate from this date forward, Interest earned since prior transaction, Total accrued interest, Portion of payment applied to interest, Transaction's effet (+ or -) upon principal balance, Principal balance
March 1, 2005 300.00 0 10 0.00 0.00 - 300.00 300.00
April 1, 2005 300.00 31 10 2.55 2.55 - 300.00 600.00
May 1, 2005 300.00 30 10 4.93 7.48 - 300.00 900.00
Jun 1, 2005 300.00 30 10 7.64 15.12 - 300.00 1200.00
Can someone show me the equation to find the $7.64 and $15.12 answers?
Thanks!
I received an order to pay arrears several years ago. The custodial parent's lawyer provided a statement that shows interest. I don't understand how the interest was calculated.
Below is just the first few lines.
Because of formatting, here are the rows from Left to right:
Date, Amount due or payment received, # of days, Interest rate from this date forward, Interest earned since prior transaction, Total accrued interest, Portion of payment applied to interest, Transaction's effet (+ or -) upon principal balance, Principal balance
March 1, 2005 300.00 0 10 0.00 0.00 - 300.00 300.00
April 1, 2005 300.00 31 10 2.55 2.55 - 300.00 600.00
May 1, 2005 300.00 30 10 4.93 7.48 - 300.00 900.00
Jun 1, 2005 300.00 30 10 7.64 15.12 - 300.00 1200.00
Can someone show me the equation to find the $7.64 and $15.12 answers?
Thanks!
Support Arrears: Calculating Interest on Arrears
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