C
CathywithaC
I'm trying to create a spreadsheet that will calculate late fees owed over
several years. We charge .01 interest per month, so I need to know the
formula to put in the number of months a customer is late and come up with
the cumulative interest. For instance, if a customer owes me $1000 by
6/1/08, and does not pay until 9/1/08, what is the formula for calculating:
The .01 for the first 30 days; the .01 for the total of the invoice amount
plus the first month's interest accrued; the ,01 for the total of the invoice
amount plus the first and second month's interest accrued, etc. I tried
using compound interest, but that is not the same answer (or even near to it)
when I calculate these amounts manually. Problem is, I need to calculate
some of these over several years, so no way to do that manually easily. Can
someone help me with the formula I need?
several years. We charge .01 interest per month, so I need to know the
formula to put in the number of months a customer is late and come up with
the cumulative interest. For instance, if a customer owes me $1000 by
6/1/08, and does not pay until 9/1/08, what is the formula for calculating:
The .01 for the first 30 days; the .01 for the total of the invoice amount
plus the first month's interest accrued; the ,01 for the total of the invoice
amount plus the first and second month's interest accrued, etc. I tried
using compound interest, but that is not the same answer (or even near to it)
when I calculate these amounts manually. Problem is, I need to calculate
some of these over several years, so no way to do that manually easily. Can
someone help me with the formula I need?