Excel Formula Help

RedHotLama · #1 (**permalink**) 01-15-2008, 09:13 AM

I want to make a excel sheet for CC debt.

I want to put in balance, rate, minimum payment, and actual paid and show savings by paying early and how much interest you pay on the debt.

The confusing thing is how the interest is calculated.

Can anyone help me out.

Thanks

jIM_Ohio · #2 (**permalink**) 01-15-2008, 11:19 AM

Use a mortgage ammortization schedule. You can go to microsoft and download one. That might work.

GRITSinMS · #3 (**permalink**) 01-15-2008, 01:52 PM

You can try using the formula function on the toolbar (fx). Search for function, type in "interest", you should find a formula to calculate that payment amount.

Caoineag · #4 (**permalink**) 01-15-2008, 03:02 PM

Rate = APR/12
When I calculated my interest accurately (generally don't because its annoying), I have a rate box and a contribution box in addition to the monthly numbers. The rate box and contribution box are made permanent (use $ symbol, locks the spot in the formula). So its the previous month's balance in parenthesis times the rate plus previous month's balnace minus contribution. =(PM's bal * $X$X)+ PM's bal - $Y$Y YY being the contribution and XX being the rate box. Then drag to populate.