How long will it take to pay off my credit card


G

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.
 
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J

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)
 
M

Myrna Larson

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