How long will it take to pay off my credit card

[Guest]

I am looking for a template that will calculate how long it will take to pay
off my credit card based on a specific interest rate and a minimum repayment.
Most of the templates I have found have a field for "Period of Loan",
however, I cannot complete this field as there is no set loan period for
credit cards. It would also be helpful if I was able to add additional
payments and it calculted the earleir payout date.

 

[Jim Cone]

Wayne,

My Excel add-in "Calculate Payments" may do what you want.
It adds a menu item to the Tools menu.
In the example below, you provide the info for Lines 1, 2, 4, 6, 7
and it displays all eight lines.

Works for payment, term, loan amount or interest rate.
Calculations display in a box, with one click transfer
to the spreadsheet. Available -free- upon direct request.
Remove XXX from my email address.

1. Loan: $10,000
2. Interest rate: 8.00 %
3. Term: 13 years - 9 months
4. Payments per year: 12
5. Number of payments: 165.3
6. Payment at end of period.
7. Payment: $100.00
8. Total payments: $16,534
'---------------------------------------------

Jim Cone
San Francisco, USA
(e-mail address removed)

 

[Myrna Larson]

The NPER function will calculate the number of periods, but it will not work
for unequal payments.

 

[Andy Wiggins]

This file might be a help:
http://www.bygsoftware.com/examples/zipfiles/Loan_Calculator.zip
It's in the "Accountants" section on page:
http://www.bygsoftware.com/examples/examples.htm

This workbook includes two worksheets that can help you calculate the likely
repayments you will have to make on mortgages and personal loans (including
HP and conditional sale agreements).


--
Regards
-
Andy Wiggins FCCA
www.BygSoftware.com
Excel, Access and VBA Consultancy