interest formula

[Nat that stuck]

Hi!

I am trying to calculate the interest owned by a client. I need to do this
using dates as the terms of sales are: 1.5% after 30 days. My spreadsheet
is set-up as follows: in F10 Current date, in A14 Invoice date, in F14
amount of sale and the amount is to be in F18. So the invoice date is July
14, 2005 and the amount is $428.00. Can someone please help me?!?! I"ve
been working on this for over 3 hours and I cannot seem to get the proper
answer.
Thanks in advance.

 

[PC]

I think this is what you are looking for.

If the invoice is over 30 days old, calculate 1.5% interest on the invoice
amount, otherwise the interest is -0-.

=IF(F10-A14>30,F14*.015,0)

 

[Anne Troy]

Try this: =F14*((1.5%/30)*(F10-A14))

The "30" is the number of days in a month. This accrues interest daily.
************
Anne Troy
www.OfficeArticles.com