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Carol H Tucker
Passionate about knowledge management and organizational development, expert in loan servicing, virtual world denizen and community facilitator, and a DISNEY fan
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beladona Memorial
Be warned:in this very rich environment where you can immerse yourself so completely, your emotions will become engaged -- and not everyone is cognizant of that. Among the many excellent features of SL, there is no auto-return on hearts, so be wary of where your's wanders...
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welcome to my LAS
Today is the 4th day of the 32nd week, the 10th day of the 8th month, the 223rd day of 2016, and: - Independence Day -- Ecuador from Spain in 1809
- International Biodiesel Day
- National Duran Duran Appreciation Day – I still remember seeing Wild Boys on MTV
- National Lazy Day
- National Psychiatric Technician Appreciation Day
- National S'mores Day
- National Spoil Your Dog Day
- Paul Bunyan Day (also cited as Feb 12 and Jun 28) -- James MacGillivray’s account of the “Round River” in the Oscada Press wasprinted this day in 1906 is the oldest known printed story of the hero.
- Skyscraper Appreciation Day
- Smithsonian Day -- in 1846 the Smithsonian Institution[I thought it was “Institute” not “Institution”] was chartered by the US Congress after English scientist James Smithson donated $500,000
- World Lion Day
In 955 Otto I, Holy Roman Emperor, defeated the Magyars at the Battle of Lechfeld: , ending 50 years of Magyar invasion of the West. In 1270 Yekuno Amlak took the imperial throne of Ethiopia, restoring the Solomonic dynasty to power after a 100-year Zagwe interregnum. In 1519 Ferdinand Magellan's five ships set sail from Seville to circumnavigate the globe [the fleet made it; he died in the Philippines]. In 1675 the foundation stone of the Royal Greenwich Observatory in London, England was laid. In 1792 Louis XVI of France is arrested and taken into custody as his Swiss Guards are massacred by the Parisian mob [the term 'the 10th of August' is widely used by historians as a shorthand for the storming of the Tuileries Palace and was the effective end of the French monarchy until it was restored in 1814]. In 1885 America's first commercially operated electric streetcar began operation in Baltimore. In 1932 an 11 lb chondrite-type meteorite landed near the town of Archie in Cass County, Missouri in at least seven pieces. In 1948 Candid Camera made its television debut ["SMILE! You're on..."] after being on radio for a year as Candid Microphone. In 1962 Marvel Comics superhero Spider-Man made his debut in issue 15 of "Amazing Fantasy." In 1990 the Magellan space probe reached Venus. In 2003 the highest temperature ever recorded in the UK was reached at 38.5°C (101.3°F) in Kent, England -- the first time the UK recorded a temperature over 100°F (38°C). In 2003 Yuri Malenchenko became the first person to get married in outer space.
This is a public service announcement.
One of the constant struggles I have to explain to borrowers the impact of playing with that 10-day “grace period” before late charges are assessed. Most folks think of that grace period as a freebie, but it is not [unless you are paying interest only that is]. You see, payments are indeed broken down “as billed” in most places – that means no matter when you make your payment, the principal and interest are applied with the same amounts as if you paid when the loan was due on the 1st so folks assume that there aren’t any penalties. What actually happens? Your finance charges increase. You see, the loan accounting system figures out what the principal payment should’ve been and you are charged interest on the higher amount of principal outstanding for those 10 days.
Let’s do the math.
Your payment is due on the 1st in the amount of $5K and you are billed for $3,000 in interest and $2,000 in principal at 5%. You actually pay on the 10th, right before the late charge is levied and that is indeed how your payment is split. However? What happens is that the interest on $2K for 10 days accrues at $0.28 per diem and your finance charge goes up by $2.77. Doesn’t sound like much, does it? But the next month you are billed for a month’s interest + $2.77 – and your principal doesn’t get reduced as quickly. Over time [say five years] that build up, which is why the last payment is sometimes an unpleasant surprise. The good news is that if you made your payment a day or two early, you actually reduce your finance charges because the whole calculation works in reverse – the LAS figures out how much interest was accrued on a lower amount of principal than originally projected and applies that savings to the next month, which reduces your principal a little more aggressively.
Of course, this really is obvious with the simple interest and mortgage loans [fully amortizing 20/360] loans banks and credit unions use. Compound interest that credit card and finance companies use is a LOT more complicated and managing your finance charges more difficult as they charge interest on interest accrued.
I now return you to your regularly scheduled programming.
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CEOExpress
