On Nov 16, 5:24 am, Joel wrote:
I was wondering if anyone could help me with a minimum payment calculation
on my spreadsheet for my Credit card

I have the following Cells
Credit Limit (L2) £3500
Credit Card Amount Owed (L4) £3200
Credit Card APR (L6) 17.9%
Minimum Amount (L8) 2%

And then I have a cell (L10) Minimum Payment and it is in this Cell I want it
to say what my minimum payment will be

If we assume (probably incorrectly; see below) that Minimum Payment
(L10) is simply the Minimum Percentage (L8) of the Amount Owed (L4),
then:

=roundup(L8*L4, 2)

And that might be good enough for a classroom assignment. But in real
life, you need to consult your credit card agreement to see how the
minimum payment is determined. Here is what mine says:

If the Amount Owed is $10 or less, the Minimum Payment due is the
Amount Owed. Otherwise, the Minimum Payment due is the largest
of the following: $10; 2% of the Amount Owed; or the sum of 1% of
the Amount Owed, plus the total billed finance charges, plus the
total
billed late fees.

The might be implemented as follows:

=if(L4<=10, L4, roundup(max(10, L4*L10, L12*L4 + L14 + L16), 2) )

where I have added L12 (1%), L14 (finance charges), and L16 (late
fees). L14 and L16 come from your periodic statement.

You might approximate L14 by L4*L6/12, if you make monthly payments.

But the periodic finance charges might be computed in a far more
complex manner. In my case, the monthly finance charge is the sum of
the daily finance charges. The daily finance charge is the daily
balance times the daily rate, which is L6/365 in my case. Since the
daily finance charge is added to each daily balance, the daily finance
charge is compounded. Of the course, the daily balance depends on
your spending pattern. But the monthly finance charge might be
estimated FV(L6/365, 365/12, -L4*12/365, 0, 1) - L4.

Beware that that might underestimate the monthly finance charge if
credits tend to occur more toward the beginning of the month. The
most pessimistic estimate of monthly finance charges in my case might
be L4*(L6/365)^(365/12).

(Actually, the __most__ pessimistic estimate is L4*(L6/365)^31.)

Obviously, it is easier to simply take the finance charge from the
statement.