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Late Payment Calculator

updated February 2017

 

Billing/Received Date
The date a proper invoice is received or the product is accepted, whichever is later.
- -
Check Date
The date a check was written for the proper invoice amount.
- -
Vendor Payment Period
The number of days contractually allowed by the vendor for payment.
Invoice Amount
The amount which appears on the invoice.

Days Overdue
(Check Date) - (Billing/Received Date) - (Vendor Payment Period)
Total Interest Due
Interest is compounded every 30 days.
Interest less than $10.00 per invoice is not paid.
Total Amount Due
Invoice Amount + Interest

 

 

 

Interest Rate defined by Ohio Revised Code 5703.47

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