Not at all. its just pure logic and mathematics. When a loan goes into default, the default interest rate applied as a matter of law is usually 18% per annum. The loan was for $250,000.00. The loan went into default in April. 18% X $250,00.00 = $45,000.00/12 mos. = $3,750.00 X 9 mos. = $33,750.00 (+ compounding).
On the balance sheet, the loan is shown. The balance sheet notes that it was done on the accrual basis. If that is the case, MW/RW and SonnyBoy Shill should have accrued an amount for the interest, also.
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