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How do I use Excel 2007 to determine late payment amounts
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 |
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