I was told a spreadsheet program could figure this for me easily. I know the
basics of Excel but I'm not an expert. Here's the situation.

I sold land to Sam on contract for $35,000 with no interest. The terms of
the contract require payments of $500 per month due on or before the first of
the month until the loan is paid off. If a payment is more than 5 days late,
10% yearly interest is charged until the payment is paid in full. Sam has
yet to make a full payment.

How can Excel 2007 be used to track the actual amount (payment plus
interest) Sam owes? I want to track this by monthly payment and total amount
due to date. I want the application to calculate the number of days late per
payment, the interest due per payment to date, the total interest due to
date, and the total amount due to date.

Thanks!! pecc19