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!!!

Robert,

=NPER(0.1499/12,150,-2890.95,0)

22 full and one little....


Or enter the payment into cell A1 and use

=NPER(0.1499/12,A1,-2890.95,0)


HTH,
Bernie
MS Excel MVP


"Robert Blass" wrote in message
...
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!!!

This should help

http://office.microsoft.com/en-us/te...CT101444811033
--
HTH,
Barb Reinhardt

If this post was helpful to you, please click YES below.



"Robert Blass" wrote:

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!!!

Robert,

And if you want to figure out how much to pay each month to pay it off in a fixed time period:

=PMT(0.1499/12,# Of Months,2890.95)

Like this, to pay off in 24 months:

=PMT(0.1499/12,24,2890.95)

The number will actually be negative, meaning you have to pay....

HTH,
Bernie
MS Excel MVP


"Robert Blass" wrote in message
...
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!!!

Robert,

And if you want to figure out how much to pay each month to pay it off in a fixed time period:

=PMT(0.1499/12,# Of Months,2890.95)

Like this, to pay off in 24 months:

=PMT(0.1499/12,24,2890.95)

The number will actually be negative, meaning you have to pay....

HTH,
Bernie
MS Excel MVP


"Robert Blass" wrote in message
...
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!!!

gee tanks!


On Wed, 1 Oct 2008 11:55:44 -0400, "Bernie Deitrick" <deitbe @
consumer dot org sayd the following:

Robert,

=NPER(0.1499/12,150,-2890.95,0)

22 full and one little....


Or enter the payment into cell A1 and use

=NPER(0.1499/12,A1,-2890.95,0)


HTH,
Bernie
MS Excel MVP


"Robert Blass" wrote in message
.. .
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!!!

I FORGOT to add an important detail about the payments.

Although the monthly rate would indeed by 14.99% divided by 12 months,
the credit card company also 'adds' a minimum monthly payment which is
based on 2% of the previous month's balance. These finance charges
seem to be $35-$45 per month. But with some magical formula a recent
min payment for example was $120 then another month was $90, then
$75...doesn't seem to be any rhyme or reason to the calculation of the
minimum monthly payment. I called the company and all they said about
the formula is what I just told you.

God, please someone help me with this issue if possible...??











On Wed, 01 Oct 2008 11:09:14 -0400, Robert Blass
sayd the following:

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!!!

Robert,

2% of $3,000 is about $60, so your $150 payment is well above that threshold, so I wouldn't worry
about meeting that level.

HTH,
Bernie
MS Excel MVP


"Robert Blass" wrote in message
...
I FORGOT to add an important detail about the payments.

Although the monthly rate would indeed by 14.99% divided by 12 months,
the credit card company also 'adds' a minimum monthly payment which is
based on 2% of the previous month's balance. These finance charges
seem to be $35-$45 per month. But with some magical formula a recent
min payment for example was $120 then another month was $90, then
$75...doesn't seem to be any rhyme or reason to the calculation of the
minimum monthly payment. I called the company and all they said about
the formula is what I just told you.

God, please someone help me with this issue if possible...??











On Wed, 01 Oct 2008 11:09:14 -0400, Robert Blass
sayd the following:

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!!!

Yes, thanks.


The CC companies are making the formula ambiguous on purpose. The best
way to steal money is to confuse someone enough that they write you a
check every month like clockwork.




On Fri, 3 Oct 2008 12:49:18 -0400, "Bernie Deitrick" <deitbe @
consumer dot org sayd the following:

Robert,

2% of $3,000 is about $60, so your $150 payment is well above that threshold, so I wouldn't worry
about meeting that level.

HTH,
Bernie
MS Excel MVP


"Robert Blass" wrote in message
.. .
I FORGOT to add an important detail about the payments.

Although the monthly rate would indeed by 14.99% divided by 12 months,
the credit card company also 'adds' a minimum monthly payment which is
based on 2% of the previous month's balance. These finance charges
seem to be $35-$45 per month. But with some magical formula a recent
min payment for example was $120 then another month was $90, then
$75...doesn't seem to be any rhyme or reason to the calculation of the
minimum monthly payment. I called the company and all they said about
the formula is what I just told you.

God, please someone help me with this issue if possible...??











On Wed, 01 Oct 2008 11:09:14 -0400, Robert Blass
sayd the following:

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!!!