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Calculating interest on a Deferred Payment Agreement
SnowWhiterThanWhite
Posts: 838 Forumite
Could anyone explain the calculation needed to work out daily compounded interest on a DPA with LA?
For example, if £1000 p/w is being deferred, what would the interest be at the end of a 28 day period (4.75%), the care homes fees are paid fortnightly by the LA, so I assume at week 2, amount deferred £2000, week 4 £4000. Thanks
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