Re: $1527.08 for every month it is delayed . Keep it until Oct 2014 Please! The best rate at Royal Bank is $590.27/per month interest

by Guest Tue 14 May 2013, 13:51

bigrex, you are very knowledgeable about this whole class action case, thank you for helping, and clarifying this.

by **bigrex** Tue 14 May 2013, 13:43

The interest is added to the gross settlement and the legal fees are based on the gross settlement. That means you are paying legal fees on all interest accrued, the tax top up, the 20% held back for taxes, and even money that was already in your pocket if there was money owed to SISIP as an overpayment. The only money that is not being charged legal fees is those payments already started for the reinstated zero sum clients, and the education fund. If you do get reinstated after adjudication, but previously have not received any money since October until now, that money will likely be considered retroactive and charged legal fees as well.

by Guest Tue 14 May 2013, 12:20

I thought there were no fees post-judgement?

Or are you pulling my leg?

Tax, yes, of course.

by Guest Tue 14 May 2013, 12:08

5 percent minus lawyers fees and income tax!

by Guest Tue 14 May 2013, 11:19

you are wrong, its 5% a year

by acerman1234 Tue 14 May 2013, 10:43

Not to rain on your parade...............

The judgement was for .....5% period......not 5% annually! If paid one day after judgement......the amount due would be the same
ONE HUNDRED years later.

sorry.....but please tell me I'm wrong?

acerman1234

by Guest Tue 14 May 2013, 10:13

That's what I'm talking about! I'm not that far behind you and yours, but don't get me wrong, I could do things with the money now though.

by Guest Tue 14 May 2013, 09:20

My husband hopes it is delayed, Please Sisip go on vacation! Smile

the interest on $366500. at 5% interest per year after 1 year.

The formula we'll use for this is the simple interest formula, or:
Where:

• P is the principal amount, $366500.00.

• r is the interest rate, 5% per year, or in decimal form, 5/100=0.05.

• t is the time involved, 1....year(s) time periods.

• So, t is 1....year time periods.

To find the simple interest, we multiply 366500 × 0.05 × 1 to get that:

The interest is: $18325.00/year at 5%

$1527.08 for every month it is delayed .

The best interest Royal bank offers is 590.27 per month.

by Sponsored content