PrincipalInterest rateInterest is assessed in 30day periods Interest is owed when the debt is not fully paid on or before 60 days from the date of demand Assess interest on each fullonly two full 30d ID: 885665
Download Pdf The PPT/PDF document "How Interest Is CalculatedDebtors are al..." is the property of its rightful owner. Permission is granted to download and print the materials on this web site for personal, non-commercial use only, and to display it on your personal computer provided you do not modify the materials and that you retain all copyright notices contained in the materials. By downloading content from our website, you accept the terms of this agreement.
1 How Interest Is CalculatedDebtors are al
How Interest Is CalculatedDebtors are allowed a 60day grace period, including the date of the demand letter, to repay Medicare for services for which they should have paid primary. The date of the recovery demand letter (not the day after) is the firstday of the first 30day period. PrincipalInterest rate Interest is assessed in 30day periods. Interest is owed when the debt is not fully paid on or before 60 days from the date of demand. Assess interest on each full only two full 30day per
2 iods have passed, interest will accrue o
iods have passed, interest will accrue on the $1,000 for two 30day periods.1000 x .125 ÷12 = 10.42 x 2 = 20.84The check amount is $1,000 so the check applies to $20.84 interest, and $979.16 principal. The remaining principal balance is $20.84. If the balance is not paid before the end of the current day period,additioninterest charges accrue on the remaining principal balance.20.84 x .125 ÷ 12 = 0.22$0.22 interest accrues every 30days on the $20.84 balance until payment is made in full.