I’m looking through some deeds for an estate and I can’t figure out this one. I think there’s a few typos or incorrect percent notations in this interest breakdown:
“one-sixth (1/6) of forty percent (40%) of 3.125% percent or .0020833%”
Why do they say “3.125% percent”? Or should it have been “3.125%” or “3.125 percent”. What does it mean when there’s both the “%” symbol and “percent” (3.125 percent percent?)
And is the interest percentage .0020833% or .20833%? If it’s ‘.0020833%’, then that would mean a ‘.000020833’ fractional interest.
I would think the calculation should be:
(.4 * .03125)/6 = .0020833
That .0020833 fraction would be equivalent to .20833%.
Were there math errors in how this was written or is this normal nomenclature?
The typo is 3.125% percent, they shouldnt have added percent. But its rather straight forward, 3.1235% is the interest conveyed = 0.03125 x 0.40 (40 percent) / 6 (1/6)= 0.0020833 aka 0.20833%. 0.20833= 20.833%. You definitely dont need a title attorney to file a curative memo.
Yes, there are some typos and incorrect percent notations in the interest breakdown you provided.
“3.125% percent” should be “3.125 percent” or simply “3.125%”.
“one-sixth (1/6) of forty percent (40%) of 3.125% percent or .0020833%” should be “one-sixth (1/6) of forty percent (40%) of 3.125 percent, or 0.0020833%”.
The word “percent” means “out of one hundred”, so it is redundant to say “3.125% percent”. It is also incorrect to use both the % symbol and the word “percent” in the same notation.
The correct calculation for the interest percentage is:
(.4 * .03125) / 6 = .0020833
This is equivalent to 0.20833%.
Therefore, the interest percentage should be written as 0.20833%, not .0020833%.
It is possible that the person who wrote the deed was simply making a careless mistake. However, it is also possible that they were not familiar with the correct nomenclature for percentages.
