The min payment required is $104
The balance on the credit card is $2,890.95
The Annual Interest Rate is 14.99%

I plan of making a regular monthly payment of $150 which is about $46
above the min payment required by the credit card company.

What kind of formula would I use to calculate on which date/year I
would be able to pay-off this credit card?

And how would I put that formula in my Excel spreadsheet?


Also could I make the formula show how the balance is paid Sooner if
you enter a higher monthly payment? Sort of like a chart showing
various payment scenarios??

I'm using XP HOME with OFFICE 97

THANKS!!!