---
title: How is simple interest calculated on condo fees and late charges?
description: Find out how to interested rates are calculated on your condo association dues and late fees.
image: https://www.condoassociation.com/hs-fs/file-2321466998-jpg/images/calculate_condo_association_070714-resized-600.jpg
---

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# How is simple interest calculated on condo fees and late charges?

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## What do you think? Question:

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I am an owner in a condo association that is self-managed. I have agreed to help the Board of Directors with a spreadsheet that will track dues, payments, late charges and interest charges. The attorney for the condo association says that a simple interest calculation should be used instead of a compounding calculation.

I am a software developer and have programmed both simple and compound interest for mortgages, etc., but am not sure of how simple interest is calculated on dues and late charges. Can anyone help me with a specific step-by-step procedure?

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## What do you think? Answers (4)

#### What are your thoughts on this topic?

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