How to calculate penalty for late payment

Penalty for late payment – the most common way of maintaining financial discipline. It applies to all contractual relations. Even if the contract penalty is not prescribed, the aggrieved party is still in most cases has the right to charge based on the amount of the refinancing rate of the CBR.

Instruction

1. To properly calculate a penalty for late payment on the credit, see the content of the concluded agreement with the Bank. In terms of lending often stated that failure to comply with the payer of the payment terms the Bank sets the penalty in the form of fines that accrued until full repayment. Suppose that the penalty established by the credit agreement equal to 1% per every day of delay.
2. To calculate a penalty for late payment on the loan, multiply the amount of the overdue payment part payment by the specified percentage. For example, the value of the monthly payment is 1000 rubles. At the same time paid was 400 RUB 600 RUB came in late. First day of late payment, this amount will increase it to 6 rubles. Thus, at the end of the first after a late day will need to pay already 606 RUB.
3. Starting from the second and next days, penalty will be charged on a constantly increasing amount. So, on the second day the penalty will be calculated at the rate of 1% 606 RUB and will be equal to the Debt of 6.06 RUB on the end of the second day will be 612,06 RUB And so on.
4. Therefore, to accurately calculate penalty for late payment on the loan on a specific day and pay for it in a way to exclude remains unaccounted debt, you will need to calculate percentages for all the past days. In the case if you will not make payment of the full amount of the debt, then the remainder is again charged penalties, to detect which during repayment following the payment, would not be very nice.