H
has anyone done a spreadsheet that details a line of credit facility? A line of credit facility is where you get a loan and all your income is banked against the loan while you use your credit card for your expenses. At the end of the month you pay the credit card but it the mean time your loan balance has reduced.

Take a look at the IPMT function. It does most of what you need with respect
to interest calculations.


--
Rob van Gelder - http://www.vangelder.co.nz/excel


"PeterH" wrote in message
...
Hi
has anyone done a spreadsheet that details a line of credit facility? A
line of credit facility is where you get a loan and all your income is
banked against the loan while you use your credit card for your expenses.
At the end of the month you pay the credit card but it the mean time your
loan balance has reduced.

Hi PeterH!

You really need to set up an amortization schedule here. Calculate
interest by multiplying the preceding balance by the effective rate of
interest per period. Calculate principal repaid by deducting the
interest from the total payment, Calculate the next balance by
deducting principal repaid from the preceding balance. The only real
problems are deciding on the frequency of the cash flow and the timing
and amounts of the payments and drawings. Just make sure that you use
the effective rate for the frequency of cash flow.

--
Regards
Norman Harker MVP (Excel)
Sydney, Australia

Excel and Word Function Lists (Classifications, Syntax and Arguments)
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"PeterH" wrote in message
...
Hi
has anyone done a spreadsheet that details a line of credit
facility? A line of credit facility is where you get a loan and all
your income is banked against the loan while you use your credit card
for your expenses. At the end of the month you pay the credit card
but it the mean time your loan balance has reduced.