interrest calculato

[samjesse]

Hi



I am after an interest calculator which tells me the current interest for the following case.

if a monthly payment is not received within 30 days from the due date, a 10% annual fee is chareged till paid.


thx alot

[macropod]

Hi samjesse,

You need to provide a lot more information than that:
• at what frequency is interest calculated?
• does the interest compund, or is only simple interest charged?
• if the interest compounds, does the 10% represent the simple rate (eg 10%/12 monthly calculations) or compound rate (eg 10%^(1/12) monthly calculations)?
• is interest charged on the overdue instalment, or on the whole amount?

[samjesse]

• at what frequency is interest calculated?
daily

• does the interest compund, or is only simple interest charged?
simple not compound.


• is interest charged on the overdue instalment, or on the whole amount?
over due instalment.

[macropod]

In that case, for an instalment amount in A1 and an overdue period in B1, the interest would be calculated as:
=A1*10%/365.2425*B1
where 365.2425 is the long-term average number of days in a year.