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How is Simple Interest Calculated on a Bill?

Question: 

  • How is Simple Interest Calculated on a Bill?

Environment:

  • Clio Manage
  • Payment Profile

Additional Information:

  • n/a

Answer:

Payment Profile settings. 30 day grace period. No discount. 12.0% simple annual interest charged very 30 days.

Example: If the Bill is subtotalled at $4420. The interest is calculate as follows: $4420 x .12 / 365 days x 30 = $43.59

 

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