Auto interest and fees
is it legal that the Creditor apply the $20.99 late fee over 10 months? doesnt that effect my principal balance amount? amount applied to principal and interest monthly?
example: fee assessed Dec 24 2003
$20.99
Month Payment Principal Interest Fees Prinicpal Balance
Dec 420. 373.90 45.98 .12C 6913.66
Jan 420. 406.05 13.89 .06C 6507.61
Feb 420. 390.32 29.62 .06C 6117.29
Mar 420. 401.11 18.83 .06C 5716.18
April 420. 393.92 26.02 .06 5322.26
May----------------------similar to above------------------------
June ----------------------------------
July-------------------------------------
August 429. 403.94 16.00 9.06 3718.43
September 429. 403.51 16.43 9.06 3314.92
October 429.00 413.35 13.32 2.33 2901.57
Total of fees: $20.99
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Re: Auto interest and fees
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