I am a newbie to excel. I would love to create a spreadsheet to track mortgage notes that I hold. I have a few clients that are not paying their notes and would like to impose a late fee. I have one that his note started back in 2008 and has only made 20 payments. What I am looking for is something to be able to enter the actual date the payment was made, the amount being paid, if 15 days late add a late fee and still track the amount of principle and interest being paid. Is this possible. Is there a formula to do this.
At wits ends!!!!
Maybe you can attach a sample workbook containing the columns ...and we can help you out.
Cheers,
Arlette
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[ATTACH]131286[/ATT
Please find the attachment. I hope this will be of help. Let me know if the attach didn't work or if there is anything else you may need.
Forgot to mention the late fees begin 15 days from due date at a percentage. I would like it if no payments have been recieved for months to be able to come up with a daily interest accrual or if only a few days late the whole late fee amount.
I can not thank you enough for taking the time to help!
Thanks
Your attachment is not visible. Can you try attaching again?
Cheers,
Arlette
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To attach a file to your post, you need to be using the main 'New Post' or 'New Thread' page and not 'Quick Reply'.
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Hope that helps.
RoyUK
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Please let me know if this worked.
Maybe it would be easier if you put in a few values and also mention the calculations to be performed, so it would be easier to help you out.
Cheers,
Arlette
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What I need is something like the mortgage calculator, but I need to be able to enter the date the payment was made and the payment due date. If payment is 15 days late I would like to have it add or calculate a late fee. I found this formula on line, but I do not know how to work it in, or if it is something that will work with excel 2010.
Let say: A) charge 5% perday for all days after 15
B) start charging 8.5% interest per month on the entire amount owed including penalties after 30 days, compounded daily.
Late fee =IF(B1>15,(B1-15)*5%*A1,0)+If(B1>30,2*A1*((1+8.5%/30)^(B1-30)-1)+0.05*A1*(((1+8.5%/30)^(B1-30)-1*30/8.5%)-(B1-30)*5%*A1,0)
Is this solved? People were off for xmas so there could have been a delay in response.
Cheers,
Arlette
If I helped, Don't forget to add to my reputation (click on the star below the post)
Don't forget to mark threads as "Solved" (Thread Tools->Mark thread as Solved)
Use code tags when posting your VBA code: [code] Your code here [/code]
NO!!! Not solved yet......getting very disapointed with spending all this money for a program that is very limited.
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