Example:
Deficiency assessed: | $ 1,000.00 | |
Simple interest calculated at nine percent per annum * | $ 275.75 | |
from November 16, 1984 through December 8, 1987 | ||
........ | ||
Total due | $ 1,275.75 | |
........ | ||
* Through statutory interest to December 8, 1987 was 18 percent, P.L. 1987, | ||
c. 76 mandates a nine percent rate for debts paid during the 90 day amnesty | ||
period. |
Deficiency assessed: | $ 1,000.00 |
Late payment penalty: five percent of the balance | $ 50.00 |
of tax due | |
Simple interest calculated at the rate of one and | $ 555.00 |
one-half percent per month from November 16, 1984 | |
through December 8, 1987 | |
........ | |
$ 1,655.00 PLUS | |
............... |
Interest on $ 1,655.00, calculated at an annual rate of the prime rate plus five percentage points compounded daily from December 8, 1987 until the date of payment (May 6, 1988). The applicable prime rate shall be the rates effective on July 1, 1987, October 1, 1987 and January 1, 1988. For the purposes of this example the prime rate is assumed to be:
July 1, 1987 | 8.25 percent | |
October 1, 1987 | 8.75 percent | |
January 1, 1988 | 9.00 percent | $ 91.63 |
........ | ||
Total | $ 1,746.63 | |
........ |
N.J. Admin. Code § 18:2-2.6