Page 1 of 1
Finance Charges
Posted: Mon Feb 23, 2009 9:48 am
by thatODguy
When running finance charges, can I put in 2.5? It will not let me enter in a decimal number while trying to run the finance charges.
-thatODguy
Re: Finance Charges
Posted: Mon Feb 23, 2009 10:45 am
by jordansparks
I guess that would be a feature request.
Re: Finance Charges
Posted: Mon Feb 23, 2009 1:26 pm
by nathansparks
Finance charges typically do not add much to an account balance. For instance, a 2.5% APR translates to roughly .2% monthly, so if Bob the BadPayer owes you $500, this woul be a finance charge of about $1. Soooo, the .5% changes the finance charge on a $500 debt by about 20 cents. ... your time is money, for 20 cents?
also, 2.5% is a bit LOW for an APR with inflation at 3.85% last year (although it has stalled a bit in 2009) I would not bother with charging 2.5%, my base would at least be the inflation rate (say 5%).