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  1. #1
    Join Date
    Aug 2004
    Posts
    173

    Unanswered: Calculating Finance Charges

    I need to calculate finance charges for past due invoices (invoices 30 days or more). Are there any formulas available to do this?

    Example - if the past due amount is 500.00 and the finance charges are at a rate of 1.25% - how would I calculate the finance charge?

    thanks - AB

  2. #2
    Join Date
    Nov 2003
    Posts
    1,487
    As you stated, if the past due amount is $500.00 and you have a sevice charge of 1.25% then this would be tha same to say that the Service charge is 1.25% of $500.00 which would equal $6.25 ($500.00 x 1.25% OR 500.00 x 0.0125).

    New billing total therefore will be (500.00 * 0.0125) + 500.00
    Which of course equals $506.25

    Note: If doing your calculations progmaticly, make sure your variables are dim'ed as Single. For example:

    Code:
    Dim IntrestRate As Single
    IntrestRate = 0.0125
    Me.TotalDue = CCur((Me.PastDue * InterestRate) + Me.PastDue)

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