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Math Help - Need help..........

  1. #1
    Newbie Derek100's Avatar
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    Lightbulb 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.
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  2. #2
    Eater of Worlds
    galactus's Avatar
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    Couldn't you just use the formula for interest?.

    A=P(1+r)^{n}

    P=4850, r=.01, n=56
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  3. #3
    Newbie Derek100's Avatar
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    Lightbulb ? ? ?

    I wish I could understand you ??? I'm the math ( dummy )
    If you could please explain it to me like I'm 5 years old ----

    Check your pm - please.
    Last edited by Derek100; October 23rd 2007 at 06:37 PM.
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  4. #4
    Grand Panjandrum
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    Quote Originally Posted by galactus View Post
    Couldn't you just use the formula for interest?.

    A=P(1+r)^{n}

    P=4850, r=.01, n=56
    Quote Originally Posted by Derek100 View Post
    I wish I could understand you ??? I'm the math ( dummy )
    If you could please explain it to me like I'm 5 years old ----

    Check your pm - please.
    You asked for the formula and Galactus gave it to you. The amount due after n days is:

    A=P(1+r)^{n}

    where P is the original sum owed, and r is the interest rate per day (not as a percentage but as a decimal fraction so 1% corresponds to r=0.01).

    The small n in a raised position denores the nth power of what is in the brackets, That is multiply the bracket by itself n-1 times (that is the product of n brackets).

    RonL
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