Robert,

2% of $3,000 is about $60, so your $150 payment is well above that threshold, so I wouldn't worry
about meeting that level.

HTH,
Bernie
MS Excel MVP


"Robert Blass" wrote in message
...
I FORGOT to add an important detail about the payments.

Although the monthly rate would indeed by 14.99% divided by 12 months,
the credit card company also 'adds' a minimum monthly payment which is
based on 2% of the previous month's balance. These finance charges
seem to be $35-$45 per month. But with some magical formula a recent
min payment for example was $120 then another month was $90, then
$75...doesn't seem to be any rhyme or reason to the calculation of the
minimum monthly payment. I called the company and all they said about
the formula is what I just told you.

God, please someone help me with this issue if possible...??











On Wed, 01 Oct 2008 11:09:14 -0400, Robert Blass
sayd the following:

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!!!