How do I calculate credit card interest with a formula?


C

Conker10382

I'm trying to create a feature that will allow me to enter my credit card
amount, interest, and monthly payments to find out how long it will take to
pay off. But also allow me to switch it up and enter the number of payments
I want to make to find out the amount my payments should be to pay it off in
that time limit.
 
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J

Jim Cone

From the Excel help file...
NPER function...
"Returns the number of periods for an investment based on periodic,
constant payments and a constant interest rate."

PMT function...
"Calculates the payment for a loan based on constant payments and a constant interest rate."
--
Jim Cone
Portland, Oregon USA
http://www.realezsites.com/bus/primitivesoftware
(Excel Add-ins - free trial "Calculate Payments" - no registration)



"Conker10382"
wrote in message
I'm trying to create a feature that will allow me to enter my credit card
amount, interest, and monthly payments to find out how long it will take to
pay off.
But also allow me to switch it up and enter the number of payments
I want to make to find out the amount my payments should be to pay it off in
that time limit.
 
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