# Thread: Calculating Finance Charges

1. Registered User
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. Stuck on my opinions...
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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