I am trying to come up with a formula that can calculate the amount of repayment of an advance payment. Here are the detail.
Contract Value = $10,000
Advance Payment is 10% of the contract value or $1,000.
Advance payment recovery conditions are when accumulative progress of the works has reached 30% the recovery is at a rate of 20% of each monthly progress amount and full recovery of the advanced payment when the accumulative progress of the works reaches 90%.
Month Monthly Progress Adv Payt Recovery
1 $1000 $0
2 $2000 $0
3 $2000 $400
4 $2000 $400
5 $2000 $200
6 $1000 $0
Thanks in advance for any help
Contract Value = $10,000
Advance Payment is 10% of the contract value or $1,000.
Advance payment recovery conditions are when accumulative progress of the works has reached 30% the recovery is at a rate of 20% of each monthly progress amount and full recovery of the advanced payment when the accumulative progress of the works reaches 90%.
Month Monthly Progress Adv Payt Recovery
1 $1000 $0
2 $2000 $0
3 $2000 $400
4 $2000 $400
5 $2000 $200
6 $1000 $0
Thanks in advance for any help
