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252 DCA vs lump sum investing, careers outside of clinical work, ATO payment plans + more
Dev Raga Personal Finance
How Much Interest Is Charged?
Amy is required to pay $15,000 towards her ATO debt up front within seven days of commencement of the payment plan. Then it asks how long Amy needs to pay back the debt. Now, I chose six months, and then I clicked show result, and it came up with the following numbers. It said to me that the total debt now becomes $50,701.08. The interest rate is estimated based on general interest charge, or GIC, rate of 8%. So, for example, for the July to September quarter in 2022, the GIC rate is 8%. For April to June 2022, it was only 7.7%.
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