I have a loan for 32,500.00 @ 8%, past due since 2/1/1994. How do I figure out the amount owed?
2007-10-17 06:35:25 · 4 answers · asked by ocean j 1 in Business & Finance ➔ Personal Finance
$99,753
2007-10-17 06:41:32 · answer #1 · answered by Trickle 1 · 0⤊ 0⤋
If the lender were to sue you for a delinquent debt then either the court would decide to extend your original 8% rate or accrue statutory interest from the date it should have been paid. Each state is different but currently in Florida the statutory rate is 11%. However, I don't think that you have anything to worry about. That debt is really old and should be past the statue of limitations, meaning that you can't be sued for repayment at this point b/c the debt is so old. Here's a link that shows you the statue of limitations by state. Good luck!
http://www.bankrate.com/brm/news/cc/20040116b2.asp#fl
2007-10-17 13:53:38 · answer #2 · answered by Michelle 3 · 0⤊ 0⤋
If no payments have been made in that time and that was the principal at that time, that would still be the principal. It's been 13-2/3 years at 8%, which would be $35,542 interest accumulated - actually even more than that due to compounding, but you don't say how it's compounded so can't calulate that.
2007-10-17 13:43:43 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
Call your lender; they'll have all the correct figures for you.
2007-10-17 13:44:20 · answer #4 · answered by laurieanino@sbcglobal.net 3 · 0⤊ 0⤋