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Former Member
Nov 04, 2009 at 10:38 PM

Interest Charges in Dunning Document Set Up Question

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I hope someone with a better understanding of Dunning (which will be every oout there !), can help me with my question

How is the interest charges in the Dunning Documents calculated?

For example : $1000 with a 2% interest charge....

Is it 1000 x .002 for $20?

Or is it 2% per annum (for a daily rate of .002 / 365) multipled by the number of days overdue x the $1000?

Any clarification would be appreciated.

Thanks

Peter Graham