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Is interest for a late payment compounded?

+1 vote
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 Is interest for a late payment compounded?

asked Oct 10, 2012 in Payment by BuiltIntelligence (870 points)  

1 Answer

+1 vote
 
Best answer

Yes, for payments which are over a year late, interest is compounded. For payments less than one year late, the interest applied is the annual base rate (see Clause 51.4).

answered Oct 10, 2012 by BuiltIntelligence (870 points)  
edited Oct 24, 2012 by Rob Glasspool