Tag Archives: interest

Section 4 of the Interest Act or: When 2 x 12 = 5
Posted on: November 28th, 2018 by

It is not uncommon to see invoices or purchase orders that provide for interest on overdue accounts at a rate of 2 per cent per month with nothing written about the rate of interest per year. The assumption being that anyone with a basic facility with arithmetic understands that this means that interest is payable

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