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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 |
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