Math Is Fun Forum

dolly

Member

Registered: 2007-06-15

Posts: 1

mATHS CALULATION HELP REQUIRED , please please!

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
--------------------------
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

John E. Franklin

Member

Registered: 2005-08-29

Posts: 3,588

Re: mATHS CALULATION HELP REQUIRED , please please!

This is just a guess in case no one else knows.
2,643.75 times 13 times 1.15 divided by 365.
Probably not exactly right, but should be close the the interest owed.

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