Couldn't you just use the formula for interest?.
P=4850, r=.01, n=56
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.
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).