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Credit Cards, time in months to payoff and payoff amount
How can I calculate the amount of money needed and the amount of time in
months to pay off a credit card, it I know the balance, the percentage rate (compound interest) and the monthly minimum payment (2 to 3% of the unpaid balance)? |
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#2
Posted to microsoft.public.excel.worksheet.functions
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Credit Cards, time in months to payoff and payoff amount
The Nper function will give you the number of months required given a fixed
monthly payment. If the payment changes each month, you would need to build a table to determine the months required. Note that if you always use "2 to 3% of the unpaid balance", the loan will never be paid off. To pay the loan off at some point, you will have to set a minimum "minimum payment". -- Regards, Fred "Mike Johnstone" <Mike wrote in message ... How can I calculate the amount of money needed and the amount of time in months to pay off a credit card, it I know the balance, the percentage rate (compound interest) and the monthly minimum payment (2 to 3% of the unpaid balance)? |
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