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How is matured unpaid interest calculated on promissory

Customer Question
How is matured unpaid...

How is matured unpaid interest calculated on promissory note?

Accountant's Assistant: Because laws vary from place to place, can you tell me what state this is in?

Texas

Accountant's Assistant: Has any paperwork been filed?

Sold home thru a wrap mortgage. Maturity date was 11/1/16. Buyer still has not refinanced. We field foreclosure, he filed temporary injuction

Accountant's Assistant: Anything else you want the lawyer to know before I connect you?

We are the lender.

Submitted: 8 months ago.Category: Finance
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Answered in 41 minutes by:
12/5/2017
Financial Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 8 months ago
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Finance
Satisfied Customers: 2,768
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
Verified

Hello, My name is ***** ***** I will be able to assist you today.

You are able to calculate interest using the Present Value formula or a compound interest calculator.

Here is a link to an online calculator which you can use to calculate the interest you are owed.

http://www.moneychimp.com/calculator/compound_interest_calculator.htm

For example. If the loan was $200,000 at an interest rate of 6% for one year the accrued amount of interest would be $12,000.

You can use the calculator I linked to above or please let me know the loan amount, interest rate and when the funds were lent.

Thank you!

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Customer reply replied 8 months ago
Principal amount 797,905.00
Annual interest rate 4%
Maturity date 11/1/16
Contract date 10/11/13
Financial Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 8 months ago

Principal amount $797,905

Interest rate 4%

Contract date 10/11/13

The loan is outstanding for four years and almost two months.

The current value of $797,905 at 4% for a 4 year and two month term = $939,680.49

A total of $141,775.49 of interest has accrued over the four year and two month period

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Financial Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 8 months ago

Hello.

Please let me know if I was able to answer your question or if you need any further calculations completed.

Thank you

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Financial Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 8 months ago

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Financial Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 8 months ago

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