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how to calculate compound interest on late payments. Then multiply the daily interest rate by your account balance and the number of days by which your payment is late. I 20000 x 045 x 5.
Compound Interest Definition Example Investinganswers from investinganswers.com
To compute the interest fee on a late payment you must first convert the annual percentage rate to a daily interest rate. The number of days late is first determined and then multiplied by the effective interest rate for the installment period. Enter the payments total.
Doing so opens a new spreadsheet for your.
Its in the upper-left side of the main Excel page. I P x r x t. Range of interest rates above and below the rate set above that you desire to see results for. Using the formula an invoice in the amount of 1500 paid 10 days late and at an interest rate of 6625 would be calculated as follows.
