Originally Posted by

**deezeejoey** 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

118[initial charge]+15*11[$15 charge for 11 months]((1+.02)^11)-1)