Compound interest

How to calculate past due fees on balances over 30 days past due?

The balances are past due for 1 to 40 or more months. The monthly payment is 1500.00 and a 10% past due fee is to be added to the balance each month plus the previous months interest. Is there a formula to show interest each month and the new balance by month?

Here is one way of doing it. The method of calculating the balance will differ depending on how you want the data displayed.

Also, remind me not to do business with you if you are charging 10% per month in interest!!

Thanks for the data. You wont want to do business in Mexico either thats where it is being charged.