I'm working on a credit card calculator spreadsheet that will show me
how long it will take to pay down a balance by making the minimum
payment only.

I have set up the following fields:
C37 is Account Balance
D37 is Minimum Payment Allowed
E37 is Minimum Payment Allowed by percentage (i.e. 2%)
F37 is Annual Interest Rate
G37 is Mo % Payment (how much of your payment goes to interest)
H37 is Amount to Balance (how much of your payment goes to principal)
I37 is Years to Payoff (How many years it will take to pay off your
balance by making the minimum payment)

I'm having trouble with the last cell, I37, and getting the right code
in. I can do it with the same constant minimum payment, but the
problem is that the minimum payment will also be dropping as the
balance drops, so my formula is not truly correct.

Any ideas on how to write the formula so that it will properly display
the years to payoff? I think that I'll have to write some formulae in
a few other "hidden" cells for the I37 formula to derive it's answers
from. Any ideas?


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Juan
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