Here’s an overview of the late interest calculator we’re building in the article. You can follow along or download the template to use immediately.

You can download the free Excel template from here.

How to Make a Late Payment Interest Calculator in Excel

Weâ€™ll use the following dataset that represents some buyersâ€™ invoice details-their invoice dates, due amounts, contacted payment periods, contacted payment dates, and interest rates.

We have added two new columns to find the over-days and due interest.

• Select cell G5.
• Copy the following formula in it:
`=F5-C5-E5`
• Hit EnterÂ to get the output.

• Drag down the Fill Handle icon over the cells G6:G9 to copy the formula.

Now letâ€™s go for the due interests using a formula.

• In cell I5 copy the following formula:
`=(D5*H5)*G5/365`
• Press the Enter button.

• Drag down the Fill Handle icon for the cells I6:I9 to get all the other due interests.

• You will get all the interests.

Things to Remember

• Donâ€™t forget to divide the day number by 365 because the interest rate is given in per year format.
• Make sure that the cells containing rates are in Percentage format.

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Md. Sourov Hossain Mithun

Md. Sourov Hossain Mithun, an Excel and VBA Content Developer at Softeko's ExcelDemy project, joined in October 2021. Holding a Naval Architecture & Marine Engineering degree from BUET, Mithun showcases expertise during his two-year tenure. With over 200 published articles on Excel topics, he earned a promotion to Team Leader, excelling in leading diverse teams. Mithun's passion extends to Advanced Excel, Excel VBA, Data Analysis, and Python programming, contributing significantly to the innovative and dynamic environment of ExcelDemy... Read Full Bio