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Interest calculator — calculate interest amountTable of contents
Statutory interest is defined by law and is most commonly applied as statutory interest for delay when a payment is late. This guide explains when it applies, how to calculate it and what to watch for.
It is the default legal cost of late payment. If a contract does not provide another rate, the statutory rate applies.
Usually after the payment deadline has passed. The creditor can charge interest for each day of delay unless the contract or the law provides otherwise.
Use the formula:
amount × annual rate × number of days / 365
Make sure to determine the principal, the start and end dates, and the correct rate.
Rates are set by law and can change. If the rate changes during the delay period, split the period into parts and calculate separately.
Parties can agree on contractual interest, but only within legal limits (maximum interest caps).
If the debtor pays only part of the amount, interest is calculated on the remaining balance. Keep clear records of dates and amounts.
Use the interest calculator for a quick estimate.
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