CRMC HELP please
Luciana
Registered Posts: 75 Epic contributor 🐘
I can't figure out the late payment question on AAT assessment. Could any one share some thoughts? Thanks.
The question is as below
Small companies are eligible to charge interest to customers who settle their debts late. The interest rate is calcuated as 8% above base rate and is charged on the gross amount of the debt due. (VAT inclusive at 20%). what is the interest chargeable on a net debt of £3000 which is 60 days late when the base rate 1%?
AAT answer is £53.26
Can any one show my the calculation?
Many thanks.
The question is as below
Small companies are eligible to charge interest to customers who settle their debts late. The interest rate is calcuated as 8% above base rate and is charged on the gross amount of the debt due. (VAT inclusive at 20%). what is the interest chargeable on a net debt of £3000 which is 60 days late when the base rate 1%?
AAT answer is £53.26
Can any one show my the calculation?
Many thanks.
0
Comments
-
Hello Luciana
Please see this thread which shows how to complete the calculation
http://forums.aat.org.uk/showthread.php?33389-Credit-Management-Calculation-Help~ An investment in knowledge always pays the best interest ~Benjamin Franklin0 -
Thanks Jo. Just what I needed.0
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