maintenance charges calculation for long time due

Maintenance charges calculation for long time due

Que.  In our society maintenance charges are collected monthly. 3-4 members have not paid their maintenance charges since 4 years. How should we calculate interest - by due days, due months or due years? Is there any formula for the same?

Interest on the due amount is calculated per co-operative year (1st April to 31st March). Percentage of interest to be charged has to be decided in the Annual General Meeting which can be up to 21% per annum.

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