Robert,

And if you want to figure out how much to pay each month to pay it off in a fixed time period:

=PMT(0.1499/12,# Of Months,2890.95)

Like this, to pay off in 24 months:

=PMT(0.1499/12,24,2890.95)

The number will actually be negative, meaning you have to pay....

HTH,
Bernie
MS Excel MVP


"Robert Blass" wrote in message
...
The min payment required is $104
The balance on the credit card is $2,890.95
The Annual Interest Rate is 14.99%

I plan of making a regular monthly payment of $150 which is about $46
above the min payment required by the credit card company.

What kind of formula would I use to calculate on which date/year I
would be able to pay-off this credit card?

And how would I put that formula in my Excel spreadsheet?


Also could I make the formula show how the balance is paid Sooner if
you enter a higher monthly payment? Sort of like a chart showing
various payment scenarios??

I'm using XP HOME with OFFICE 97

THANKS!!!