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)