Penalty Interest Calculation

[Sidey1978]

Hi all

I have a made up list of bad payers that I need to charge penalty interest on. The terms of payment are that invoices over 30 days old will be charged interest at 2% compounded monthly.

I'm not sure what it is about this that has me so baffled. Perhaps I'm just bad at the maths! 

Can anyone shed any light on how I can achieve this via Alteryx?

Cheers

[CharlieS · Accepted solution]

A couple of field conversions need to be done first (Amount to numeric field, date time format), but after that I applied the following formula to calculate amount owned to the current date.

A = P(1+r/n)^(nt)

Converted to an Alteryx formula for monthly compounding:

[P]*POW((1+([r]/12)),[Months])

[Sidey1978]

Hi @CharlieS

Fantastic, thank you for your help on this!

Cheers

Sidey