Couldn't you just use the formula for interest?.

P=4850, r=.01, n=56

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- Oct 23rd 2007, 04:56 PM #1
## Need help..........

Hello all

I'm new here and I need your help - reading this site this will be probably simple question for most of you but I just can't figure this out---

I'm looking for a simple formula - if it exist.

Here it is.

I have an outstanding ( not paid by my company invoice )--

Let's say $4580.00 - I'm charging them a 1% a day peneties for late payments - they are already overdue by 56 days.

Just remember 1% a day, so first late day will add $45.80 to the original payment and will be now $4625,80 and so on.

Could you guys tell me if a simple formula to add all the late fees without going and adding 56 times exists...

Best Regards to ALL

Pm, email or just post here.

- Oct 23rd 2007, 05:22 PM #2

- Oct 23rd 2007, 05:30 PM #3

- Oct 26th 2007, 04:06 AM #4

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You asked for the formula and Galactus gave it to you. The amount due after days is:

where is the original sum owed, and is the interest rate per day (not as a percentage but as a decimal fraction so 1% corresponds to ).

The small in a raised position denores the th power of what is in the brackets, That is multiply the bracket by itself times (that is the product of brackets).

RonL