Computes late payment fees on overdue invoices.
Invoice amount — Business metric. Affects cost, margin, or break-even; validate against recent data. Example: 0.1.
Invoice amount is required
rate — Rate as a percentage. Determines how quickly interest or growth accrues; even 0.5% changes matter over time. Example: 0.1.
rate is required
days late — Business metric. Affects cost, margin, or break-even; validate against recent data. Example: 0.1.
days late is required
Computes late payment fees on overdue invoices.
Formula
lateFee = invoiceAmount × rate × daysLate ÷ 365