I am looking for a formula that will calculate a accrued late fee with two
variables €œlate fee€� and €œintrest€�.The folloing in the logic behind what Im
trying to do. My goal is to do this with one formula ? I have been exploring
the financial formulas with absolutely no luck.....


Open Amount [$1,182.50] + (2% late fee) + (1.5% interest) = "Month 1 Amount"

Month 1 Amount + (2% of $1,182.50)) + (1.5% of Month 1 Amount) = "Month 2
Amount"

Month 2 Amount + (2% of $1,182.50) + (1.5% of Month 2 Amount) = "Month 3
Amount"

.....and so on for the x of months overdue...

any help would be much appreciated€¦€¦