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Our proprietary lease states the following. What is the current maximum legal rate of interest? (I think it is 16%.)
And also does this mean that if you pay, say, ten days late, they can only charge that portion of time and not for the entire month?
"... the lessee shall pay interest thereon at the maximum legal rate from the date when such installment shall have become due to the date of the payment thereof..."
Our coop has a 15 day grace period. Therefore, if you pay on the 16th (due to a holiday weekend), are you one day late or 16 days late? In such a case should they charge you the late fee for one day?
If you have a 15 day grace period, then no interest is paid if the payment is made WITHIN the 15 days. If they did not pay until day 16, then they owe the interest from day 1 so they owe 16 days of interest, not 1, regardless of it being a holiday weekend.
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The interest rate varies from state to state. Refer to this chart (cut and paste into browser) http://statelaws.findlaw.com/consumer-laws/interest-rates.html
In New York it is 16% and yes, it is based on the number of days owing. Here is simple calculator using an example of $1,500 owing at 16% for 5 days overdue. Interest amount = $3.20 for those 5 days http://www.calculatorsoup.com/calculators/financial/simple-interest-calculator.php
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