What is Unearned Interest?

Unearned interest is the difference between the interest that has accrued on a loan and the interest that has been paid by the borrower. This can happen when a borrower makes a partial payment, or when a borrower pays off a loan early. What is unearned interest discount? Unearned interest discount is the portion of … Read more

How a Mill Levy Works.

A mill levy is a tax on property that is based on the value of the property. The mill levy is calculated by multiplying the assessed value of the property by the mill levy rate. The mill levy rate is expressed in mills. One mill is equal to one-tenth of one cent, or $0.001. The … Read more