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Letitia James live tweets daily interest charges on Trump’s $464m fraud ruling
(www.independent.co.uk)
this post was submitted on 27 Feb 2024
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I assume the interest is compounding so the amount should increase each day.
I stand corrected. It's simple interest. I'm genuinely surprised by this.
No compounding for the wealthy. Only poor people pay interest on interest. /s
It's simple interest, not compound interest.
So it just adds the same amount each day: just under 0.025% of the original fine (i.e. 9% per year, accrued daily).
At least according to the Legal Eagle video I watched about it.
Edit: Thanks jmfwnsfw for the correction. I originally said 9% per day which is insane. It's 9% per year, accrued daily.
9% per year
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If I recall correctly from a story when the judgment was handed down, the law in NY makes it so it's calculated as simple interest rather than compound. Someone correct me if I'm wrong. $110,000/day seems very small when compared to the $465,000,000 he owes within less than a month though
It's like 9% interest APR. Roughly, I can't be bothered with logarithms on a Tuesday.
More than I get from my bank account, but less than my credit card tries to charge.