Home |
Search |
Today's Posts |
|
#1
|
|||
|
|||
Formula to figure credit card payments
Is it possibe to figure out monthly credit card payments since the finance
charges differ from month to month and the amount paid monthly may differ. Lets say I have credit card with 7.99% APR a balance of $9500.00 and a minimum monthly payment of $200.00. I don't always pay the minimum, but never less, I would like to be able to start with the balance in one cell enter my payment in another and have it subtract the payment from the balance then add the monthly finance charge to come up with a new monthly minimum. I looked at PMT & PV but they don't appear to what I need. Thanks In Advance for you help Joe |
#2
|
|||
|
|||
You're right, PMT and PV are not applicable here. Just do the calculations
yourself. As you said, the first column is Opening Balance, 2nd is Payment, 3rd is Interest Charged, and 4th is Closing Balance. In each row, Opening Balance is Closing Balance of the previous row. Closing Balance will always be =OB-Pmt+Int To calculate payment, you would need to know the rule for your credit card. It could be something like 3% of the monthly balance. Hopefully, your credit card agreement specifies the calculation. Put this calculation in each row, then if you pay something other than the minimum, manually enter it to override the calculation. The interest charged can also be tricky. Many credit cards charge interest from the date of the purchase, not the date it was posted to your statement. If you're not adding any charges each month, the interest charge should be =OB*7.99%/12. But, your card might charge based on the actual number of days in the period (which could be slightly more or less than a month), and might compound differently. In this area, you'll probably have to be satisfied with "close enough", then adjust manually when you receive your statement. -- Regards, Fred Please reply to newsgroup, not e-mail "Joe Gieder" wrote in message ... Is it possibe to figure out monthly credit card payments since the finance charges differ from month to month and the amount paid monthly may differ. Lets say I have credit card with 7.99% APR a balance of $9500.00 and a minimum monthly payment of $200.00. I don't always pay the minimum, but never less, I would like to be able to start with the balance in one cell enter my payment in another and have it subtract the payment from the balance then add the monthly finance charge to come up with a new monthly minimum. I looked at PMT & PV but they don't appear to what I need. Thanks In Advance for you help Joe |
Reply |
Thread Tools | Search this Thread |
Display Modes | |
|
|
Similar Threads | ||||
Thread | Forum | |||
Calculating credit card debt, interest , and payments | Excel Worksheet Functions | |||
How do I perform a MOD-10 credit card check in Excel? | Excel Worksheet Functions | |||
PPMT formula that generates equal payments | Excel Worksheet Functions | |||
How do figure excel formula out? | Excel Discussion (Misc queries) | |||
finance charge on credit card | Excel Worksheet Functions |