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Old 2014-02-20, 15:34   #1
swl551
 
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Aug 2012
New Hampshire

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Default need some math help.

Sorry for this, but you guys are the only ones that I know that can really help me organize this matrix into an accurate mathematical formula.

The person who put this matrix together does not have a formula, they just manually carry values over from one month to the other.

The goal is to calculate the Base Fee + Penalty compounded 1.5% for each month late.

I know it is probably simple, but MATH and I just are not friends.
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Old 2014-02-20, 15:51   #2
Mini-Geek
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"Tim Sorbera"
Aug 2006
San Antonio, TX USA

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Attached is an Excel spreadsheet that comes up with the same final number you have. The main formulas are:
Fee = last Total
INTEREST = Fee * Percent
Total = Fee + INTEREST

If you want to calculate the interest for n months at a time (compounded monthly), calculate (1+Percent)^n, e.g. 1.015^12=1.1956..., and 200*1.1956... = 239.12 (the total at 16 Apr 2011)

If there's some other mathematical formula you're looking for, I'm not sure what it is exactly.
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Old 2014-02-20, 16:33   #3
swl551
 
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Aug 2012
New Hampshire

32616 Posts
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Quote:
Originally Posted by Mini-Geek View Post
Attached is an Excel spreadsheet that comes up with the same final number you have. The main formulas are:
Fee = last Total
INTEREST = Fee * Percent
Total = Fee + INTEREST

If you want to calculate the interest for n months at a time (compounded monthly), calculate (1+Percent)^n, e.g. 1.015^12=1.1956..., and 200*1.1956... = 239.12 (the total at 16 Apr 2011)

If there's some other mathematical formula you're looking for, I'm not sure what it is exactly.
Thanks. I am working on the formula now in my SQL code. I'll let you know the results...
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