morgage schedule that accumulates interest and late fees

[Guest]

On the morgage amortization schedule, I would like to include computed late
fees.

 

[Guest]

Hi Delos,

what information you have in the spreadsheet? (late fees based on what?)
Regards,
ANdras
(Hungary)

 

[Guest]

Thanks for the response ANDras:

The Late charge is not to exceed five cents for each dollar of delinquent
principal and interest or a minimum charge of $10.00 on each payment more
than fifteen days in arrears.

Delos

 

[Guest]

Hi Delos,

thanks for the more specific input.
so, assuming, you have an installment table with due dates, principal,
interest, (together the installment), residual value, etc AND actual payment
date
and
if i understood it correctly, in the Late charge column i would write:
=IF((payment date-due
date)>15;IF((principal+interest)*0,05<10;10;(principal+interest)*0,05);0)

where payment date & due date, interest, principal can be either named
ranges or cell references.

NB. IF i understood you, then the late fee has only a link to 5% (not yearly
5% = based on the elapsed days, but a fix one?, no matter with how many days
the payment late is (after the 15 days))

Is that, what you had in mind?

Best regards,
ANdras
(Hungary)

 

[Guest]

Thank you again:

I believe this will work. I will work with the formula and see. Thanks again.

Delos