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
Solved! Go to 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])