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anyone know how to work this out? i'm doing claim for son who has student account with BOS. on website it states gross interst is 2%. but how do you work out what contractual rate is( for putting on spreadsheet to work out compounded interest). thank you in advance!
As I understand it the contractual interest rate is the amount charged on unauthorised borrowing and is 29(point something)%...there is another thread here somewhere about it and it is listed in the charges leaflet, neither of which I can find right now, sorry.
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contractual rate for BOS?
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