anyone know how the interest is computed?

Assume Follow:

Statement Date : 12 Oct
Payment / Min Payment Due Date : 2 Nov
Statement Balance : RM700
Outstanding Balance : RM1,000
Int : 15%.


Lets say I late and pay RM700 on 9 Nov, what will be the interest? Exclude late payment charges, this one I know. Exclude future expenses. Just compute using the balance can already.

Because online all is about paying min over several months. Lets say I just late by a few days how will the interest be. And If i late by 1 month, how the interest is computed and billed to the account.

Thank you very much...

Haha.. I am not actually creating debts larrrr... I always pay up my balance every month wan... Never ever kena interest before. Just for knowledge. Definitely will appreciate coz i gain new knowledge.. kekeke....

Wanted to know if late payment for a few days, whether they will calculate one month interest and charge to bill (meaning at next statement date interest will show as one line) or calculate daily and they will charge to statement (so you will see many lines of interest daily) until the payment is made.

So... If i am creating debts, all this I already see/will see in my statements. No need to ask here. Haha... But because I never see this before/will never see (hopefully... hahahahah), so just curious and wanted to know how they work.

I tried the calculator infront. The calculator doesn't work as I wanted it to be. Because its monthly payment. So the interest is 1 month interest. Coz I read banking info, interest is computed based on daily balance.

So if my interpretation is correct, based on the case, payment on Nov 9, daily means : RM1,000 x 15% / 365 days x 26 days = RM10.68.

Correct or not my computation? Or the number or days should exclude the interest free period and should calculate from Nov 2 to Nov 9 only?

Kekeke... thanks in advance ya for those who know...