Finance Charges

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thatODguy
Posts: 50
Joined: Tue Nov 13, 2007 11:19 am

Finance Charges

Post by thatODguy » Mon Feb 23, 2009 9:48 am

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

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jordansparks
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Re: Finance Charges

Post by jordansparks » Mon Feb 23, 2009 10:45 am

I guess that would be a feature request.
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nathansparks
Posts: 172
Joined: Mon Aug 04, 2008 12:39 pm

Re: Finance Charges

Post by nathansparks » Mon Feb 23, 2009 1:26 pm

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%).

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