Calculate default interest based on principal, annual rate and number of days.
Default interest is interest the creditor may claim to compensate for loss when a debtor fails to pay a monetary debt on time (falls into default). If not agreed in the contract, the statutory default interest applies; in commercial matters the commercial default interest rate may apply. The basis is Law No. 3095 on Statutory Interest and Default Interest.
Default interest is found by multiplying the principal by the annual rate and by the ratio of the default period to a year: principal × (annual rate / 100) × (days / 365). Interest begins from the date the debt becomes due and the debtor is in default, and runs until payment.
Ordinary matters use statutory default interest, while commercial matters may use commercial default interest tied to the Central Bank's advance interest rate. A higher rate may be agreed by contract, but excessive rates are subject to judicial review.
For 100,000 ₺ principal at 24% annually for 90 days: 100,000 × 0.24 × (90/365) ≈ 5,918 ₺.
After the debt becomes due, generally upon the creditor's notice; for term debts, upon expiry of the term.
Commercial matters generally apply the higher commercial rate (tied to the advance rate); ordinary matters use the statutory rate.
As a rule, interest is not charged on default interest; exceptions depend on contract and statute.
No; it is an estimate. Seek legal advice for the exact figure.