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[Music] hello everyone my name is ariela wagner im the founder of sunray construction solutions a national construction document service we help thousands of general contractors subcontractors and suppliers secure their lien and bond claim rights today we have our final webinar for 2021 and not to worry we will be conducting webinars next year but our final webinar of 2022 an overview of arizonas prompt pay act so without further ado i introduce the fabulous kevin estevez thanks ariella all right today were going to be talking about arizonas prompt pay act and if if during the course of the webinar if you have any questions use the chat box on the right and well take any and all questions you have at the end we ask that you please do not include names company names in the questions so before we get started on the prop pay act id like to just do a quick refresher of what weve done this year weve covered a lot with respect to arizona construction law the first webinar was on ari

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Got questions?

Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.

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What is prompt payment date?

The term Prompt Pay refers to the timely payment of goods and services.

What is the prompt payment rate?

The Prompt Payment interest rate for July 1, 2022 December 31, 2022 is 4.000%.

How many days does the government have to pay an invoice?

The Prompt Payment Act requires State agencies to pay properly submitted, undisputed invoices within 45 calendar days of initial receipt.

How is penalty interest calculated?

Two kinds of penalties If you owe the IRS a balance, the penalty is calculated as 0.5% of the amount you owe for each month (or partial month) youre late, up to a maximum of 25%. And, this late penalty increases to 1% per month if your taxes remain unpaid 10 days after the IRS issues a notice to levy property.

How do I calculate my interest rate?

Heres the simple interest formula: Interest = P x R x T. P = Principal amount (the beginning balance). R = Interest rate (usually per year, expressed as a decimal). T = Number of time periods (generally one-year time periods).

What are the two basic methods in calculating interest?

Interest can be calculated in two ways: simple interest or compound interest. Simple interest is calculated on the principal, or original, amount of a loan. Compound interest is calculated on the principal amount and the accumulated interest of previous periods, and thus can be regarded as interest on interest.

What are the 3 types of interest?

What are the Different Types of Interest? The three types of interest include simple (regular) interest, accrued interest, and compounding interest.

How do you calculate monthly interest rate?

To calculate a monthly interest rate, divide the annual rate by 12 to reflect the 12 months in the year.Note For a daily interest rate, divide the annual rate by 360 (or 365, depending on your bank). For a quarterly rate, divide the annual rate by four. For a weekly rate, divide the annual rate by 52.

How do you calculate a late fee?

Keep It Simple For example, say all overdue invoices will be charged a 10 percent late fee. At the end of the month, multiply the amount owed by 10 percent, or 0.10. If the customer owes $200, add $20 to the total as the finance charge.

What is interest payment formula?

Interest on Loan = P * r / N P = Outstanding principal sum. r = Rate of interest. N = number of periodic payment per year.

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Discover how to Prompt Payment Record For Free in a few simple steps

Here's how you can effortlessly Prompt Payment Record For Free with DocHub:

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How to Prompt Payment Record For Free