Path: utzoo!telecom-request Date: Tue, 7 May 91 16:19:18 GMT From: Barry Margolin Newsgroups: comp.dcom.telecom Subject: Re: Digest Reader Annoys Authorities in El Lay Reply-To: barmar@think.com Message-ID: Organization: Thinking Machines Corporation, Cambridge MA, USA Sender: Telecom@eecs.nwu.edu Approved: Telecom@eecs.nwu.edu X-Submissions-To: telecom@eecs.nwu.edu X-Administrivia-To: telecom-request@eecs.nwu.edu X-Telecom-Digest: Volume 11, Issue 343, Message 6 of 13 Lines: 27 In article ronnie@sos.com (Ron Schnell) writes: > GTE's Cox said the company is not sending corrected bills because > of the high cost involved, but he said that the company will determine > how much each customer has been overcharged and will credit customers > beginning June 7 with the overcharge amount plus 3% interest. ... > [Ron's note - Gee, 3% interest after three months. I wish my credit > card would give me that rate. I don't really like the fact that > people are being forced to loan money to the phone company. They > should really be forced to give a higher percentage.] Unless they meant 3% annualized interest, it's actually a pretty good deal. 3% after three months is equivalent to 12.5% interest annually. While credit cards generally get more than this from you, it's better than most investments, and it's effectively tax free (they're not going to send a 1099, are they?). And people who waited until close to the end of the March billing cycle before paying, but pay early in the June cycle, will only have leant the month for about 2-1/2 months, which works out to over 15% APR. Barry Margolin, Thinking Machines Corp. barmar@think.com {uunet,harvard}!think!barmar