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CALCULATING FINANCE CHARGE WOES

LiveOak
in The Left Brain

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WHY ARE YOU SHOUTING? You'll need to refresh our memory on exactly the structure of your file an what you wish the calculation to accomplish. Also throw in the calculation you are currently using.

-bd

I RECENTLY SUBMITTED A QUESTION REGARDING CALCULATION OF FINANCE CHARGES... HOWEVER I HAVE SEVERAL INVOICES GOING OUT TO A YEAR. STATE LAW PROHIBITS FINANCE CHARGES TO GO PAST ONE YEAR. WHAT WOULD BE THE CALCULATION TO SCALE THE ADDITIONAL FINANCE CHARGE EACH THIRTY DAYS

30,60,90,120,150,180,210,240,270,300,330, AND 360.

I ORIGINALY THOUGHT AN IF WITHIN AN IF, AND SO ON, IT DOESN'T SEEM TO WORK OUT.

ANY HELP WOULD BE APPRECIATED.

Given:

IntRate = monthly interest rate in percent

InvDate = Date of invoice

InvCharge = Amount of original invoice

Then the compound interest charge will be:

((IntRate/100+1)^Min(Int((Status(CurrentDate)-InvDate)/30),12)-1)*InvCharge

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https://fmforums.com/topic/8837-calculating-finance-charge-woes/
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