The FORIS base interest rate calculator 2023
Calculate the base interest rate – fast and up to date. Determine the interest on your claims with our base interest rate calculator. Choose between consumer and commercial business as the basis for the calculation method..
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How does the base interest calculator work?
The FORIS base interest calculator facilitates the precise calculation of interest claims. It not only enables the determination of default interest on the basis of a constant interest rate, but also allows the specification of an alternative, dynamic or static interest rate.
What is the interest rate for late payment?
Interest on arrears is composed of the current prime rate and a surcharge. The base interest rate is generally set semi-annually by the Deutsche Bundesbank on January 1 and July 1. The amount of the surcharge depends on whether the debtor is a private individual or a businessman. The current prime rate can be viewed at the Deutsche Bundesbank.
Default interest rate for consumer transactions
For legal transactions with consumers, the default interest rate shall be 5 percentage points above the base interest rate.
Default interest rate for commercial transactions
This includes all transactions that entrepreneurs or merchants conclude among themselves for their business operations.
The decisive factor for the amount of the default interest is when the commercial transaction was concluded.
- If a commercial transaction is concluded by 28/07/2014, the default interest rate shall be 8% above the prime rate.
» Selection in the interest calculator: Trading transaction concluded before 28/07/2014 - If a commercial transaction is concluded after 28.07.2014, the default interest rate shall be 9% above the prime rate.
» Selection in the interest calculator: Trading transaction concluded after 28/07/2014
Continuing obligations
Continuing obligations are, for example, contracts with recurring individual services extending over a longer period of time (e.g. service contracts, rental agreements, service contracts, etc.).
Here, too, the relevant date is when the commercial transaction was concluded. For contracts concluded by 28/07/2014, the legislator has provided a transitional period of two years with regard to the time of performance.
- Upon conclusion of the continuing obligation until 28/07/2014:
- If the respective service is rendered by 30/06/2016, the default interest rate shall be 8% above the base interest rate.
» Selection in the interest calculator: Trading transaction concluded before 28/07/2014 - If the respective service is rendered after 30/06/2016, the default interest rate shall be 9% above the base interest rate.
» Selection in the interest calculator: Trading transaction concluded after 28/07/2014
- Upon conclusion of the continuing obligation as of 28/07/2014:
The default interest rate of 9% above the prime rate shall apply irrespective of when the respective service is rendered.
» Selection in the interest calculator: Trading transaction concluded after 28/07/2014
How is interest on arrears calculated?
The following formula can be used for manual calculation of default interest:
Invoice amount in € x (base interest rate + X %) x (days in arrears / 365*) = interest on arrears
*In the case of leap years, the calculation basis is 366 days, while 360 days are used for commercial calculations.
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