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Shawn P Adamo
Shawn P Adamo, CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience answering these questions.
Category: Finance
Satisfied Customers: 2884
Experience:  CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience answering these questions.
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Hypothetically, I loaned someone $250,000.00 years at

Customer Question

Hypothetically, I loaned someone $250,000.00 for 2 years at a simple 10% interest. They made their first 6 payments of $11536.23 always late but at least in the months they were due. Then they did not make a payment for 14 months. Then they paid $10000.00 per month for 3 months.Then they made no payments for 9 months. Since then they have made a payment of $4000.00 per month for 30 months. How do I calculate the interest due me if they continue to make the $4000.00 per month payment? Also how would I calculate the late charges which were supposed to be 10% of the monthly payment (of $11536.23) if more than 5 days late?
Submitted: 1 year ago.
Category: Finance
Expert:  Shawn P Adamo replied 1 year ago.
Hello. My specialty is focusing on YOUR Financial needs. Financial Planner/Business Owner for 20 years. CPA,PFS,QFP,GMMA.
I can calculate that for you but would need to know if any payments are more than 5 days late.
If you would like a telephone call please let me know and I will send the offer.
Customer: replied 1 year ago.
Every payment but one has been more than 5 days late. The loan is more than 3 years past due now. I want to know what the additional interest charges should be to date. Late payments should be calculated separately.

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