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.