Hi, if a tenant misses his rental payment, the lease agreeemnt says that after 7 dyas they shall be liable to a charge of 12% per annum calculated on a daily basis from the date on which the money falls short to the date when the the money is recieved. Is there a simple formala for me to calculate that in excel based on a set or variables? ie monthly rental amount, interest rate, months missed etc
Thnx
Input Cells-
Cell B1 = Monthly Rental Amount
Cell B2 = Interest Rate
Cell B3 = Payment Date
Cell B4 = Actual Payment Date
Output Cells-
Cell B5 (Late Payment Days) =MAX(B4-B3-7,0)
Cell B6 (Late Payment Charge) =(B2*B1)/365*B5
Sample workbook attached >>Excel Forum 1258.xlsx
Hope this helps!
Happy to Help
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Sourabh
Thanks, but then if the second months rent is late, does it compound? Assume the rent is $6,000 a month and the tenant hasnt paid for a year (6000 x 12 months = 72,000), what is the formula to quickly calculate the interest owed? thnx!
I am not sure how you want the interest to compound. Could you give an example of the calculation? It will be great if you could attach a sample workbook also with your input variables and the output calculated manually, so we can better understand your requirements.
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