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.

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

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

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

3. ## ? ? ?

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 ----

4. Originally Posted by galactus
Couldn't you just use the formula for interest?.

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

P=4850, r=.01, n=56
Originally Posted by Derek100
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 ----

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 $n$th power of what is in the brackets, That is multiply the bracket by itself $n-1$ times (that is the product of $n$ brackets).