Failure to Pay Penalty Calculator

This calculator takes the principal amount, the number of days late, and the applicable penalty rate to calculate the penalty.

Principal Amount: The total amount owed.

1. Days Late: How many days the payment is delayed.

2. Penalty Rate: The daily penalty rate (as a percentage).

3. Interest Rate: The annual interest rate (for calculating the interest due).

4. Interest Period: This will be calculated based on the number of days the payment is late.

   
   

   Penalty Rate is 0.5% per month (0.017% per day).

   Interest Rate: 8% annually (0.022% per day, subject to quarterly adjustments).

Please note: This calculation is an estimate and may not reflect the actual amount owed.