Aging Statements for Accounts Recievables

Hi list,
This is really not a Numbers-only question, but a financial formula one; I use spreadsheets to do my small business accounting, and have just realized that my interest on late payments from clients has not been compounded, just simple. So, I was wondering if anyone could enlighten me on the formula (or function?) that will deliver the compounded interest owing on late payments... 24% per year, compounded monthly.

Thank you for the tips Yvan, I hadn't explored the DateIF function. My workaround calculation uses the date that the invoice was submitted, subtracted from the current date [=NOW()] to determine the aging days. Then the IF statement determines if the aging days is greater than 30, and calculates the interest charge based on 2% of the invoice amount for each 30 days over the invoice date. What the formula doesn't do is compound monthly, which is what I was looking for.
To respond to some of your other points, yes, I agree that there is help available, but my problem is not that I don't know how to access the help, but that it is not helpful, because my knowledge of financial calculations is not very advanced, and I am not a programmer, so translating from what the Help feature says the functions do into what I need to have calculated is not easy for me, otherwise I would simply plod along and figure it out for myself. The reason for posting a discussion (yes, AFTER searching through the support, knowledge bases, google, and the discussions lists for every permutation and combination I could think of about my query) is that someone out there may have a simple solution to suggest, rather than me either spending huge amounts of time or giving up. After all, isn't that what the discussion groups are for? That's what I have always assumed they were for. Do you use them differently?

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