Please help with a discount formula - Excel 2003
Would sks please help me with a formula for the figures below
I have to write the formula that calculates the Annual Percentage Interest Cost of the Discount not taken Annual Percentage Interest Cost of Discount Not Taken Prompt Payment Discount Amount 2.5% (cell A1) Invoice has to be paid within how many days to qualify for the discount 10 (cell A2) Net amount of invoice to be paid within how many days 30 (cell A3) Annual Percentage Interest Cost of Discount Not Taken ? (cell A4) answer The figures have to be worked out on $100,000. I assume the days forgone would be 20 (30 - 10) I know the formula goes something like this - Annual % interest cost of discount not taken = % prompt payment discount / (100% - % prompt payment discount) x 365 / credit days forgone But I cannot get my head around it. Some advice would be most appreciated. Regards Chris. |
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