TenantNet Forum

Where tenants can seek help and help others



How is interest calculated?

NYC Housing Court Practice/Procedures

Moderator: TenantNet

How is interest calculated?

Postby Kittles » Mon Dec 15, 2003 1:54 pm

Does anyone know how the 9 percent per year penalty interest is calculated by the DHCR? (I have called them, but the agent I spoke with did not sound too sure of himself.) For example, let's say my LL's admitted to an overcharge of, to round it out, $190 per month each month from Jan. 02 through Oct. 03. That would be $2280 for the first year and $1900 overcharge for the second year. The DHCR agent told me it's a simple 9 percent on each year, then added, so it would be $205.20 plus $171 totalling $376.20 to reach the total amount of interest due. Is that the right idea? I am very dense when it comes to understanding these things. Thanks.
Kittles
 
Posts: 16
Joined: Thu Oct 23, 2003 1:01 am
Location: Brooklyn

Return to Housing Court - NYC

Who is online

Users browsing this forum: No registered users and 19 guests