KarL (Missouri)
Posts: 19
Posts: 19
Posted:
I have a question of billing. The CCR states that any assessment not paid within 30 days after the due date shall bear interest from the due date at a rate of 10% annum, and shall become a lien on the lot...
(There is no late charge, only 10% annum.)
At the end of the year, do you just charge 10% of what is owed?)
So if we started at 100.00 in 2015. How would you calculate this?
$100. dues per year
----------------------------------------------------------------------------------------------
2015 100.00 + 10% = 110.00
2016 100.00 dues plus previous yr 2015 of 110.00 = 210.00 + 10% interest of $21.00 ? = 231.00
2017 100.00 dues plus previous yr 2016 of 231.00 = 331.00 + 10% interest of 31.10 = 364.10
---------------------------------------------------------------------------------------------
Help.
Is there a calculator somewhere?
Thanks!
*Did that person ever finish the book HOA for dummies?
I am working as fast as I can to learn everything.
(There is no late charge, only 10% annum.)
At the end of the year, do you just charge 10% of what is owed?)
So if we started at 100.00 in 2015. How would you calculate this?
$100. dues per year
----------------------------------------------------------------------------------------------
2015 100.00 + 10% = 110.00
2016 100.00 dues plus previous yr 2015 of 110.00 = 210.00 + 10% interest of $21.00 ? = 231.00
2017 100.00 dues plus previous yr 2016 of 231.00 = 331.00 + 10% interest of 31.10 = 364.10
---------------------------------------------------------------------------------------------
Help.
Is there a calculator somewhere?
Thanks!
*Did that person ever finish the book HOA for dummies?
I am working as fast as I can to learn everything.