calculating balance w/interest

[Guest]

Can anyone help me with the formula that will allow me to figure out the balance on a loan or credit card after each payment, without creating a loop? i.e. BALANCE=1000.00 PAYMENT=-100.00 INTEREST=+10.00 NEW BALANCE=910.00(The problem is the "NEW BALANCE" needs to go to the "BALANCE" now. and each "PAYMENT" is an accumulated total.(In January "PAYMENT"=100.00, in February "PAYMENT" equals 200.00, etc.) At the end of the year the result will display the current balance, total of monthly payments, total interest paid.

 

[Norman Harker]

Hi Slaw!

A1: Payment
B1: Interest
C1: Balance
C2: 1000 (Opening Balance)
A3: -100 (Payment)
B3: 10 (Interest)
C3: =C2+A3+B3 (Running Balance)


Often the column A and (especially) B items will be calculations
--
Regards
Norman Harker MVP (Excel)
Sydney, Australia
(e-mail address removed)
Excel and Word Function Lists (Classifications, Syntax and Arguments)
available free to good homes.

Can anyone help me with the formula that will allow me to figure out

the balance on a loan or credit card after each payment, without
creating a loop? i.e. BALANCE=1000.00 PAYMENT=-100.00 INTEREST=+10.00
NEW BALANCE=910.00(The problem is the "NEW BALANCE" needs to go to the
"BALANCE" now. and each "PAYMENT" is an accumulated total.(In January
"PAYMENT"=100.00, in February "PAYMENT" equals 200.00, etc.) At the
end of the year the result will display the current balance, total of
monthly payments, total interest paid.

 

[Keith]

I have a spreadsheet that is a mortgage calculator that
does this. The formula's can be looked at in the
schedual sheets. The VBA just makes those sheets, the
formulas do the work. It is at www.kjtfs.com in the
downloads section, it is called mortgage calculator.
Hope it helps.

Keith
www.kjtfs.com

-----Original Message-----
Can anyone help me with the formula that will allow me

to figure out the balance on a loan or credit card after
each payment, without creating a loop? i.e.
BALANCE=1000.00 PAYMENT=-100.00 INTEREST=+10.00 NEW
BALANCE=910.00(The problem is the "NEW BALANCE" needs to
go to the "BALANCE" now. and each "PAYMENT" is an
accumulated total.(In January "PAYMENT"=100.00, in
February "PAYMENT" equals 200.00, etc.) At the end of the
year the result will display the current balance, total
of monthly payments, total interest paid.

 

[Guest]

thank you very much Norman, and Keith.

 

[Norman Harker]

Hi Slaw!

Always pleased to help.

If you need examples of credit card schedules and amortization tables
I'll send on request off group.


--
Regards
Norman Harker MVP (Excel)
Sydney, Australia
(e-mail address removed)
Excel and Word Function Lists (Classifications, Syntax and Arguments)
available free to good homes.

 

[Guest]

That may help. Im new to this , and still having problems. (e-mail address removed). thank you

 

[Norman Harker]

Hi Chris!

Sent a quick and dirty credit card calculator with inputs of:

Loan
Effective Rate per Month
Min % repayment
Min $ repayment
Rounding amount

John Walkenbach's Excel Formulas 2003 covers a lot of the basics of
these calculations.

--
Regards
Norman Harker MVP (Excel)
Sydney, Australia
(e-mail address removed)
Excel and Word Function Lists (Classifications, Syntax and Arguments)
available free to good homes.

That may help. Im new to this , and still having problems.

(e-mail address removed). thank you