I'm trying to come up with a formula to calculate intest for me here at work.
Here'e my example i'm working on now.
I have a customer that owes $118.00.
Each month late there is a $15.00 late fee
and then 2% intrest added on top of that.
This customer is 11 months late.

What i am having trouble with is getting a formula to addthe 2% intrest each
month after the $15.00 charge is added each month.
My fomula adds the inital charge, then the late fees, then the intrest based
off that.

Right now my formula reads
[initial balance plus late fees]*1.02^late months
but over 11 months that comes to $351.84

it should come up $333

My friend came up with a program answer, which doesn't help in the case of
Excel
Note, his is a little off; month 1 = month 0, month 2 would actully equal 1
month late.