SOLUTION: If somebody owes me $800.66 and has not paid me for 23 months with a monthly late fee of 2.5% how much do they owe me now?

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Question 823748: If somebody owes me $800.66 and has not paid me for 23 months with a monthly late fee of 2.5% how much do they owe me now?
Answer by General_Lee87(58) About Me  (Show Source):
You can put this solution on YOUR website!
Origional Question: If somebody owes me $800.66 and has not paid me for 23 months with a monthly late fee of 2.5% how much do they owe me now?
Answer: You must take your origional $800.66 and then multiply it by the stated monthly intererst rate, which in this case is 2.5%. You then would take that amount of money which would be your monthly interest, in this case it is $20.02 and multiply it by 23 months. This gives you your total interest, which would be $460.38. You would lastly add the total interst to the amount of money owed. This final amount is $1261.04 and this would be what they owe you. I hope this helped you! God Bless and Merry Christmas!