What is the statutory late payment interest rate?

It varies by country. In Turkey it is set by the Central Bank and updated periodically. Always verify the current rate from official sources and consult a professional for your specific situation.

What is the difference between simple and compound interest?

Simple interest accrues only on the original principal. Compound interest adds accrued interest to the principal at set intervals, so later periods earn interest on interest.

What if my contract does not specify an interest rate?

In most jurisdictions the statutory rate applies automatically when no contractual rate is agreed. Consult a lawyer for advice specific to your contract and jurisdiction.

Can I use this tool for foreign currency debts?

Yes. Select USD, EUR, GBP, or other supported currencies. Use official central bank exchange rates for any conversion needed.

How do I use the result to send a payment demand?

Download the PDF summary and attach it to your demand letter showing the principal, interest accrued, and total amount due. Have a lawyer review the demand before formal proceedings.

Can interest be charged on unpaid interest?

This is restricted or prohibited in many jurisdictions. In Turkey, charging interest on interest has strict legal limits. Consult a lawyer before applying compound interest in a formal claim.

Is this tool suitable for tax debt interest calculations?

Tax debt penalties and interest are governed by separate rules from commercial late payment interest. Use official tax authority tools or consult your accountant for tax-related calculations.

Late payment interest calculator — Free Online

⚠️

This tool only performs calculations; it is not investment or financial advice. Rates and tax amounts change over time — verify with an official source (your bank, accountant, or a licensed advisor) before acting.

📜 Verify Current Rate on GİB ↗

📜

Legal source (GİB): Late payment / deferred interest rates are periodically published by the Ministry of Finance; the rates below are reviewed periodically.
📖 6183 SK · 📖 VUK · 📖 3095 SK (Yasal Faiz)

Interest Type

Debt / Receivable Amount (₺)

Start Date

End Date

Duration

91 days (3,0 mo)

Monthly Rate

%4,50

Late Interest

₺1.365,00

Total Amount

₺11.365,00

Amount Breakdown

Principal₺10.000,00 (88,0%)

Late Interest₺1.365,00 (12,0%)

Duration Comparison

1 months+₺450₺10.450

3 months+₺1.350₺11.350

6 months+₺2.700₺12.700

12 months+₺5.400₺15.400

24 months+₺10.800₺20.800

36 months+₺16.200₺26.200

PeriodInterestTotal

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🧾 This tax calculator produces an estimate — for the exact tax amount, confirm with Turkey's Revenue Administration (GİB), an independent accountant, or your local tax office. Tax rates change annually.

Late Payment Interest Calculator

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