Excel formula

[B. Feigenbaum]

I'm sending out montly rent bills.

They contain a 5% late payment penalty if the rent is
received after the 5th of the month.

I'd love to setup up in excell a cell with the correct
formula for a "late payment fee". The spreadsheet
contains a cell "RENT" where the rent is listed.

During the 3rd or 4th week of the current month the bills
and mailed out for the coming mongh but it varies as to
exact date.

Any help would be appreciated.

Bernie

 

[B. Feigenbaum]

4 u'r info, it's been enforced in the housing court
systems.

B.F.

 

[JMay]

In the cell you which to display the LatePayfee, proceed as follows:
Hold down the Control Key and Press F3 (will bring up the Name dialog box)
in the Name Box enter Latefee in the refers to box (at the bottom)
enter
=Rent *.05 --- click on Add, then Close.
Now in your latefee cell enter = latefee << should = Rent*.05 in $$$'s.

Potential Total = Rent + Latefee <<< Gross Total if paid late..

HTH