Hello,
I need to design our invoice in a way that will automatically apply compound interest to balance that hasn’t been paid in full within the first 30 days (or whatever the due date is).
For example:
“Late payments are subjected to 20% interest compounded monthly.”
Using the compound calculator (http://www.calculatorsoup.com/calculators/financial/compound-interest-calculator.php) with the following values:
Initial balance: $100
Compound percentage: 20%
Number of months late: 4 months, which means 4/12 = 0.33 of a year
Total balance would be calculated as $106.76.
How do I go about adding this feature to the invoice template?
Thanks,
Devin