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MS Office Forum / Excel / Worksheet Functions / March 2007Accrued late fee calculation
I am looking for a formula that will calculate a accrued late fee with two variables “late fee” and “intrest”.The folloing in the logic behind what I’m trying to do. My goal is to do this with one formula ? I have been exploring the financial formulas with absolutely no luck..... Open Amount [$1,182.50] + (2% late fee) + (1.5% interest) = "Month 1 Amount" Month 1 Amount + (2% of $1,182.50)) + (1.5% of Month 1 Amount) = "Month 2 Amount" Month 2 Amount + (2% of $1,182.50) + (1.5% of Month 2 Amount) = "Month 3 Amount" ....and so on for the x of months overdue... any help would be much appreciated…… Hi With Open Amount in A1, late fee% in B1, Interest% in C1 and number of months in D1 =A1*(1+(B1+C1))^D1 will give the total value outstanding  SignatureRegards Roger Govier >I am looking for a formula that will calculate a accrued late fee with >two [quoted text clipped - 18 lines] > > any help would be much appreciated.. > I am looking for a formula that will calculate a accrued late fee with two > variables "late fee" and "intrest".The folloing in the logic behind what I'm [quoted text clipped - 6 lines] > Amount" > ....and so on for the x of months overdue... I believe the following does what you want: =fv(1.5%, A1, -A2*2%, -A2) where A1 is "x" periods and A2 is the "open amount" (initial outstanding balance). Month n amount would equal =((1+late/rate)*(1+rate)^n - late/rate)*initial where late=2%=0.02, rate=1.5%=0.015, and initial=$1,182.50. If late=0, this reduces to the usual formula for compound interest of (1+rate)^n*initial Jerry > I am looking for a formula that will calculate a accrued late fee with two > variables “late fee” and “intrest”.The folloing in the logic behind what I’m [quoted text clipped - 12 lines] > > any help would be much appreciated…… Jerry, Thanks you for the push.. Well more then that... you solved the entire issue.. I very much appreciate it.. I was bugging me all night... Cheers Joel > Month n amount would equal > =((1+late/rate)*(1+rate)^n - late/rate)*initial [quoted text clipped - 21 lines] > > > > any help would be much appreciated…… You're welcome. Glad it helped. Jerry > Jerry, > [quoted text clipped - 3 lines] > Cheers > Joel |
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