Debit memo generation for late charges

Version: R12.2.9

As per business requirement, need to implement the late charges functionality to generate the Debit memo for late charges

Pls clarify below doubts after implemented the functionality.

1. What would be Frequency of the late charges to debit memo generation.

2.Simple interest: Amount Overdue * (Interest Rate/100) * (Number of Days Late/Number of Days in YEAR)

Can calculate interest amount for each month 30days in 360days, and how calculate for Feb month.

Profile option of LC

Appreciate your support for implementation of late charnges

Thanks,

Mallik