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How is interest on arrears calculated?

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thankyou

Member
AZ
In Arizona how is the interest on arrears calculated?
Is the 10% calculated on a yearly or monthly basis?
Is it compounded?
 


Litigation!

Senior Member
thankyou said:
AZ


In Arizona how is the interest on arrears calculated?

MY RESPONSE: Very carefully. Some people even use calculators.


Is the 10% calculated on a yearly or monthly basis?

MY RESPONSE: Yearly. That's why it's called "APR".


Is it compounded?

MY RESPONSE: Yes.


IAAL
 

thankyou

Member
I'm not very good at math so could someone please tell me how much
is owed when the child support began January 2005 at $300 a month
and at 10% interest. What amount of interest would be due on the
$4500 owed and how do you calculate it please? (I flunked math!)
 

Litigation!

Senior Member
thankyou said:
I'm not very good at math so could someone please tell me how much
is owed when the child support began January 2005 at $300 a month
and at 10% interest. What amount of interest would be due on the
$4500 owed and how do you calculate it please? (I flunked math!)

My response:

Go out and buy a financial calculator. Texas Instruments makes a real good one.

IAAL
 

thankyou

Member
I have a calculator. I'm just not sure what the formula/equation
should be.
Would I start with 300 and add 10% to that and then 330 and 10%
of that and then 633 and then add 10% to that and so on?

Or do I just take 10% of 4,500 to get 4,950?
 
Math 101

thankyou said:
I'm not very good at math so could someone please tell me how much
is owed when the child support began January 2005 at $300 a month
and at 10% interest. What amount of interest would be due on the
$4500 owed and how do you calculate it please? (I flunked math!)
You can receive a written breakdown of the support amount (including arrears) from the Support Payment Clearinghouse at 800-882-4151. You will need your ATLAS number. Good luck.
 

ceara19

Senior Member
thankyou said:
I have a calculator. I'm just not sure what the formula/equation
should be.
Would I start with 300 and add 10% to that and then 330 and 10%
of that and then 633 and then add 10% to that and so on?

Or do I just take 10% of 4,500 to get 4,950?
www.google.com

online financial calculators
 

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