Interest table at 14% per annum

April 23, 1974 REVENUE MEMORANDUM CIRCULAR NO. 24-74 SUBJECT : Interest table at 14% per annum TO : All Internal Revenue Officers and others concerned For uniformity and facility in the computation of interest at the rate of 14% per annum, there is given hereinbelow the interest table which also carries instructions on the proper use thereof. INTEREST TABLE at 14% per annum (365-day Basis) Instructions on How to Use Years Months Rate Days Rate the Interest Tables 1 .011666666 1 .000383561 2 .023333332 2 .000767122 Ascertain the total number of 3 .034999998 3 .001150683 years, months and days by 4 .046666664 4 .001534244 deducting those at the opening 5 .058333330 5 .001917805 of the interest period from 6 .069999996 6 .002301366 those of the closing. In case 7 .081666662 7 .002684927 of necessity in "borrowing" 8 .093333328 8 .003068488 days from the months, transfer 9 .104999994 9 .003452049 or carry-over the actual number 10 .116666660 10 .003835610 of days in the months preceding 11 .128333326 11 .004219171 that in which the interest 1 .14 12 .004602732 period ends as indicated in 1 & 1 .151666666 13 .004986293 the tabulation below. Thus, 1 & 2 .163333332 14 .005369854 if the interest period is from 1 & 3 .174999998 15 .005753415 May 20, 1973 to November 10, 1 & 4 .186666664 16 .006136976 1973, the computation is as 1 & 5 .198333330 17 .006520537 follows: 1 & 6 .209999996 18 .006904098 -1 + 31 1 & 7 .221666662 19 .007287659 1973-11-10 1 & 8 .233333328 20 .007671220 -1973-5-20 1 & 9 .244999994 21 .008054781 5-21 1 & 10 .256666660 22 .008438342 1 & 11 .268333326 23 .008821903 Since the total ascertained 2 .28 24 .009205464 is 5 months and 21 days the 2 & 1 .291666666 25 .009589025 the interest rate shall be 2 & 2 .303333332 26 .009972586 .058333330 (rate 5 months) 2 & 3 .314999998 27 .010356147 plus .008054781 (rate for 21 2 & 4 .326666664 28 .010739708 days) or a total rate of 2 & 5 .338333330 29 .011123269 .066388111. The basic amount 2 & 6 .349999996 30 .011506830 shall be multiplied by this 2 & 7 .361666662 31 .011890391 rate in order to arrive at the 2 & 8 .373333328 interest due. 2 & 9 .384999994 _________________________ 2 & 10 .396666660 If interest Transfer or carry- 2 & 11 .408333326 period ends over to day 3 .42 in column January 31 Decimal places will be used as follows: February 31 If the basic amount: March 28* exceeds but does not exceed use April 31 - P1,000.00 = 5 places May 30 P1,000.00 10,000.00 = 6 places June 31 10,000.00 100,000.00 = 7 places July 30 100,000.00 1,000,000.00 = 8 places August 31 1,000,000.00 = 9 places September 31 October 30 November 31 December 30 * 29 in leap year All internal revenue officers and others concerned are enjoined to be guided accordingly. MISAEL P. VERA Commissioner of Internal Revenue