accrue on the remaining balance

English translation: Interest at a rate of 7% (seven percent) will be added to the remaining balance

03:47 Jun 13, 2018

English language (monolingual) [Non-PRO]
Bus/Financial - Finance (general)

English term or phrase: accrue on the remaining balance

"Accrue on the remaining balance" means accruing with the calculation based on the remaining balance or accruing to the remaining balance?

Help, please!

Context:
At any time while not in default under this Agreement, the Borrower may pay the outstanding balance then owing under this Agreement to the Lender without further bonus or penalty.

Interest at a rate of 7% (seven percent) will accrue on the remaining balance the first day after the...

Nam Vo KudoZ activity Questions: 824 (none open) (5 closed without grading) Answers: 20 Vietnam
Local time: 03:11

Selected answer:Interest at a rate of 7% (seven percent) will be added to the remaining balance

Explanation:
starting from the first day after a payment is made, interest at a rate of 7% (seven percent) will be added to the remaining balance

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Note added at 2 hrs (2018-06-13 05:59:27 GMT)
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implied:

the interest will be calculated as 7% of the remaining balance [NOT 7 % of the initial loan, nor of any other amount], and will be added to [=will accrue to] the remaining balance

Selected response from:

Daryo
United Kingdom
Local time: 21:11

Grading comment

Thank you very much for your answer. Very helpful!!!
4 KudoZ points were awarded for this answer

SUMMARY OF ALL EXPLANATIONS PROVIDED

5 +3

Interest at a rate of 7% (seven percent) will be added to the remaining balance

Daryo

Answers

2 hrs confidence:

peer agreement (net): +3

Interest at a rate of 7% (seven percent) will accrue on the remaining balance

Interest at a rate of 7% (seven percent) will be added to the remaining balance

Daryo
United Kingdom
Local time: 21:11
Specializes in field
Native speaker of:

Serbian,

French
PRO pts in category: 7

Grading comment

Thank you very much for your answer. Very helpful!!!

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accrue on the remaining balance

English translation: Interest at a rate of 7% (seven percent) will be added to the remaining balance

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accrue on the remaining balance

English translation: Interest at a rate of 7% (seven percent) will be added to the remaining balance

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