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Calculating Finance Charge
Is there some function in Excel that will calculate the finance charge on a
credit card? I tried to use the IPMT but it didn't quite work. Here's my situation, so maybe if there's not a function there's a formula: I don't use my credit card for anything new, so the only things that post to my account is the payment and the finance charge. I had set up 2 different formulas so I could calculate the finance charge for the beginning balance and the new balance after the payment was made. I kept coming up a little short, and then I read in my terms that it adds the finance charge to the beginning balance daily, so my calculations are a little off. Since my payment date isn't the same every month (annoying) I would have to change the formula every month to match the number of days before and after the payment is made. If there is a function where I can just type in the number of days and it will calculate it that would be ideal. Does anyone know anything about this? Thanks |
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