Preview
FILED: NEW YORK COUNTY CLERK 09/19/2018 10:31 AM INDEX NO. 150298/2017
NYSCEF DOC. NO. 15 RECEIVED NYSCEF: 09/19/2018
SUPREME COURT OF THE STATE OF NEW YORK
COUNTY OF NEW YORK
------ -------------------------------------------------------X
Index No.: 150298/2017
MILKY WAY IILLC,
Plaintiff, AFFIRMATION
EXPLAINING INTEREST
CALCULATION
-against-
YOCASTA A. ORTIZ,
Defendant.
___________________________. __________________..-------X
Michael Zimmerman, Esq.,an attorney duly admitted to practicelaw before the Courts of the
State of New York, affirms the following under the penalties of perjury and pursuant to CPLR § 2106:
1. The $111,933.04 interest figurewas calculated as follows:
a. The Note amount was $93,015.00
b. The Defendant submitted theirlastpayment toward the Note on February 1, 2008, and
was indefault of theirobligations under the Note as of March 1, 2008.
c. The Defendant's firstmissed payment was on March 1, 2,008.
d. The interestrate forthe subject loan is % per year.
e. As ofJanuary 10, 2017, the subject loan is 106 months and 10 days past due.
f. The principal balance due at the time of default on March 1,2008 was $94,448.48.
..
g. The startingdate for calculation of interest,for purposes of thisbillof costs, isMarch 1,
2008
h. The ending date for calculationof interest,for purposes of thisbill of costs,isJanuary 10,
2017.
i. The amount of past due payments iscalculated by multiplying 106 months and 10 days of
interest,by the principal balance due at the time of default.
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FILED: NEW YORK COUNTY CLERK 09/19/2018 10:31 AM INDEX NO. 150298/2017
NYSCEF DOC. NO. 15 RECEIVED NYSCEF: 09/19/2018
j. The totalintereston the outstanding balance is$111,933.04. This figure was arrivedat
by dividing the interestrate of 13.375% by 12 months, which results in 1.1146% per
month. That figure isthen multiplied by the amount of months past due, which isin this
case is 106 months, which resultsin 118.146%. That figure isthen multiplied by the
principal balance due ($94,448.48), and the resultinginterest figure istherefore
$111,586.94 as of January 1, 2017. The intereston this debtisnot compounded interest.
k. Based on a 365 day year, 13.375% is.03664% per day. Multiplied by the principal
($94,448.48), for theperiod of ten (10)days from January 1, 2017 to January 10, 2017,
the interestis$346.10.
1. The totalinterest,non-compounded from date of defaultto January 10, 2017 is
$111,933.04.
2. Hence, the Plaintiffisentitled to principalbalance atthe time of default in theamount of
$94,448.48, and interest in theamount of $111,933.04, and costs in the amount of $570.00,
$206,951.52, plus applicable statutoryinterestto be determined by thisCourt.
totaling any
Dated: March 16 2018
Huntington Station,NY
Zimmerman w .C.
By: Michael erman, Esq.
315 Walt Whitman Rd, Suite 215
(' NY 11746
Huntington Station,
Office: (631) 415-0900
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Preview
FILED: NEW YORK COUNTY CLERK 09/19/2018 10:31 AM INDEX NO. 150298/2017 NYSCEF DOC. NO. 15 RECEIVED NYSCEF: 09/19/2018 SUPREME COURT OF THE STATE OF NEW YORK COUNTY OF NEW YORK ------ -------------------------------------------------------X Index No.: 150298/2017 MILKY WAY IILLC, Plaintiff, AFFIRMATION EXPLAINING INTEREST CALCULATION -against- YOCASTA A. ORTIZ, Defendant. ___________________________. __________________..-------X Michael Zimmerman, Esq.,an attorney duly admitted to practicelaw before the Courts of the State of New York, affirms the following under the penalties of perjury and pursuant to CPLR § 2106: 1. The $111,933.04 interest figurewas calculated as follows: a. The Note amount was $93,015.00 b. The Defendant submitted theirlastpayment toward the Note on February 1, 2008, and was indefault of theirobligations under the Note as of March 1, 2008. c. The Defendant's firstmissed payment was on March 1, 2,008. d. The interestrate forthe subject loan is % per year. e. As ofJanuary 10, 2017, the subject loan is 106 months and 10 days past due. f. The principal balance due at the time of default on March 1,2008 was $94,448.48. .. g. The startingdate for calculation of interest,for purposes of thisbillof costs, isMarch 1, 2008 h. The ending date for calculationof interest,for purposes of thisbill of costs,isJanuary 10, 2017. i. The amount of past due payments iscalculated by multiplying 106 months and 10 days of interest,by the principal balance due at the time of default. 1 of 2 FILED: NEW YORK COUNTY CLERK 09/19/2018 10:31 AM INDEX NO. 150298/2017 NYSCEF DOC. NO. 15 RECEIVED NYSCEF: 09/19/2018 j. The totalintereston the outstanding balance is$111,933.04. This figure was arrivedat by dividing the interestrate of 13.375% by 12 months, which results in 1.1146% per month. That figure isthen multiplied by the amount of months past due, which isin this case is 106 months, which resultsin 118.146%. That figure isthen multiplied by the principal balance due ($94,448.48), and the resultinginterest figure istherefore $111,586.94 as of January 1, 2017. The intereston this debtisnot compounded interest. k. Based on a 365 day year, 13.375% is.03664% per day. Multiplied by the principal ($94,448.48), for theperiod of ten (10)days from January 1, 2017 to January 10, 2017, the interestis$346.10. 1. The totalinterest,non-compounded from date of defaultto January 10, 2017 is $111,933.04. 2. Hence, the Plaintiffisentitled to principalbalance atthe time of default in theamount of $94,448.48, and interest in theamount of $111,933.04, and costs in the amount of $570.00, $206,951.52, plus applicable statutoryinterestto be determined by thisCourt. totaling any Dated: March 16 2018 Huntington Station,NY Zimmerman w .C. By: Michael erman, Esq. 315 Walt Whitman Rd, Suite 215 (' NY 11746 Huntington Station, Office: (631) 415-0900 2 of 2