Welcome one and all to the most annoying Excel problem I have come across.

My problem is as follows, I have set up an Excel spreadsheet to help me pay
my credit card plus keep an eye on how long it will take to pay the balance
off.

Here is a list of my cells to help you understand what I have done.

R4 is my Credit Limit £3500

R6 is what I have spent on my credit card £3278.95

R8 is what I have available to spend the calculation =sum(R4-R6) £221.05

R10 is my APR 17.9%

R12 is my monthly interest rate of 1.385

R14my minimum payment is worked out with the follow calculation
=ROUND(R6*0.02,2) £65.58

C20 I put the date of payment

J20 I have a section for where the money came from

O20 is the amount I pay to the card £65.58


Now above are all my figures, below what I am trying to do with those figures

I am trying to workout my minimum payment so that once I have made a payment
it will automatically tell me what next months minimum repayment will be

I have a little table to help me with my calculations

AE19 I have a carried forward balance £3278.95

U20 which is =AE19

W20 is the total amount owed minus my payment =sum(U20-O20) £3213.37

Y20 is the amount of monthly interest which is Full amount €“ amount paid
=SUM(U20*R12) (45.41)

AA20 Amount carried forward which is Full amount minus amount paid + Amount
of monthly interest =SUM(W20+Y20) £3258.78

What I am trying to achieve without any real success is to get it to work
out all the calculations for me so all I have to do is put in the amount I
wish to pay into O column and then it should automatically calculate my
monthly interest and work out my new balances for me and then carry to the
line below so that the calculation can then be worked out

I have worked out of to do it but when I dray the calculations down it
calculates even though I not paid anything yet which puts my minimum
repayments out

Sorry it is so long winded. This issue is driving insane please help I have
been on it for weeks thanks

Joel


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