Interest continues to accrue until paid in full. Interest is calculated as follows:
12% simple interest from July 1, 1982 through October 30, 1991
11% interest compounded quarterly from October 31, 1991 through June 30, 2006
11.25% interest compounded quarterly from July 1, 2006 through September 30, 2007
11% interest compounded quarterly from October 1, 2007 through December 31, 2013
3.75% simple interest from January 1, 2014 through December 31,2015.
4% simple interest rate from January 1, 2016 through September 30, 2016.
|