Question:
I have a small business that provide services and training. I have flat fee for a specific training. Some of the clients may not be able to pay the full payment, for my service at once, so I offered an installment option and I want to add simple interest to it. Can I do that and/or can I choose my own interest for my clients to pay?
Answers:
Well, it depends on how long the installment period is. If its a short time, I would not worry about it. But for longer periods, you could do simple interest. Rate ? Use cost of capital, which is the interest/return you would have earned if you had invested that money. If you want something more complex, I can provide more information.
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