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Calculating Intrest and Late Fees
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 Quote:
month late. |
#2
Posted to microsoft.public.excel.misc
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Calculating Intrest and Late Fees
That is not easy to do with just one formulas, although I'm sure one of the array formula gurus will come up with an answer!
I always create a table for this: A1: 118 B1: =A1+15 C1: =B1*1.02 A2: =C1 Copy B1 and C1 to the row below Copy row 2 down the rows, ending in row 11 -- Kind regards, Niek Otten Microsoft MVP - Excel "deezeejoey" wrote in message ... | 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 | Quote:
| Note, his is a little off; month 1 = month 0, month 2 would actully equal 1 | month late. | |
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