Companies and organizations with special interest calculation needs or that must do massive interest calculations can use the Margill calculation services.

Typical calculations:

• Calculation of interest on hundreds or thousands of invoices
  • One or multiple invoices by client and various dates
  • Partial payments can be included
  • Fixed or variable interest rates
• Calculation of pre and post judgment interest on one amount or multiple amounts Often judgments) over time including payments (regular or not) at fixed or variable interest rates
• Calculation of balances owed on mortgages, loans, lines of credit, etc. These can become quite complex and include late, partial or unpaid payments, fees, etc.
• Calculation of interest on arrears such as alimony, rent, salary, over-time wages
• Cost of credit (APR) calculations

How it works:

1. Initial analysis of the needs with one of our experts by phone
2. Data calculation settings are discussed (simple or compound interest, compounding frequency, day count, interest rate or rates, time period, etc.)
3. Cost of service sent to you
4. You send the data to the Margill expert, usually on a spreadsheet with due dates and amounts as well as a record identifier (anonymous or not). A non-disclosure agreement may be signed by Margill but we prefer receiving and returning anonymous data.
5. Problem data is identified (usually invalid dates) and corrected by client – data then returned to Margill
6. Calculation results are sent back in Excel or CSV format. Individual detailed calculations can also be sent in PDF format.
   • We can keep your results for a specified time period in order to extract extra data you require (special balances, interest for a specific time frame, etc.)
   • Our software can also be “rented” for a few days or weeks so you can extract other information from the resulting calculated data

All calculations are supervised by Marc Gelinas, Attorney, MBA, deeply involved in the field for the past 27 years. Marc is the author of the White Paper: The Lost Art of Interest Calculation , originally published in Real Estate Law & Industry Report.

Business case:

A global law firm recently mandated the Margill team to compute the legal interest (variable rates over time) on over 1500 invoices that were due by as many separate companies. Such calculations would have taken the firm hours upon hours with the high risk of error if done in a spreadsheet. Anonymous data (using a unique identifier for each account) was sent to Margill on a simple spreadsheet with the dates and amounts (total 3 columns). Calculation settings (simple interest based on the real number of days in a year) were determined. Results were returned the next day in both a spreadsheet and detailed calculations in PDF for all accounts.

For more information on this service please phone or email. Contact us