How to calculate the penalty at the rate of refinancing?

People should not violate the treaty in the world have long used a variety of penalties and interest. Only for many big secret, but for some formula calculates the penalty. Read below. Typically impose penalties if you fall into arrears. A penalty can be "earned" by not performing, for example, any item in the contract. We note immediately that the penalties and interest accrued on the loan a little bit different way, and each bank can be your own. The formula "punishments" In our country, distinguishes contractual and legal penalty. If the contractual penalty, the amount of "financial penalties" will be determined by the records in the contract, that is just as much as spelled out in the document. And the law is when the contract about the fines but said nothing. Therefore, the "sanctions" must be considered by this formula: Penalty = (sum of the debt • the number of days • refinancing rate) / 360 days. Who knows, the refinancing rate is now 7.75%.