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![]() FormulasLate Interest CalculationsAgencies that fail to make payment by the payment due date are required to pay a late interest penalty. The formulas available below can be used to calculate simple daily interest and monthly compounding interest. The Prompt Pay interest rate in effect on the first day after the payment was due, available below, should be used in both of these calculations.
Determining the Purchase Card Invoice Payment DateThe revised Prompt Pay regulation requires agencies to determine Government-wide commercial purchase card payment dates based on an analysis of the total benefits to the federal government as a whole.
Taking a Discount
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