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Calculating Interest Amount on per day basis

Question asked by kkishnani on May 26, 2013
Latest reply on May 28, 2013 by kkishnani


Calculating Interest Amount on per day basis




     in filemaker 12, i have a below calculation which is working properly now but i want to confirm if it is correct or not.

     for every client invoice payments, normally clients send the payments on 30 days basis after the goods delivered to them, but if more than 30 days have been passed then they have to pay interest on per day basis.

     below are the fields in my filemaker: 

     1. InterestRate = calculation field with result as 0.001

     2. BalanceAmount = calculation result with result as field1 * field2

     3. Period = calculation field with calc as "If (BalanceAmount  > 0 and Get (CurrentDate) - InvoiceDate > 30 ; Get (CurrentDate) - InvoiceDate - 30)"

     results for Period are like this, for example invoice date is 20th april 2013 (and today's date is 27th may 2013) so client has to pay interest for 7 days and everyday it will be keep adding interest amount till client send the full payment and the balance is 0

     4. InterestAmount = calculation field with calc as "Round(BalanceAmount * InterestRate * Period ;2)

     results for InterestAmount are like this, for example BalanceAmount is $500 and Period is 7 days and InterestRate is 0.001 so  $500 * 0.001 * 7days = $3.5

     i just need to know if my calculations are correct or not as within one year my file will be having around 5000-10000 records inside and i don't want my file to get slow on remote networks. 

     are there too many calculations? if yes then how can i make a shorter calculation based on above scenario?

     any help will be appreciated.