Need a simple formula for some financial calculations.

[Bob Travis]

What formula can I use to determine how much money I should pay each
creditor if there are thirty-two creditors to whom I owe a total of
$324,000, with the smallest accout being about $28 and the largest
about $250,000. I can afford to pay about $500 per month so it stands
to reason the $250,000 account is entitled to a larger percentage of
the $500 than the smallest account of only $28.00?

Is there a formula I can apply for the entire column of balances due
with the only variable being how much I can spare each month? [The
amount will vary from a median of about $500 to a low of about $300 to
a high of about $800.

Thanks for your ideas on this.

Bob

 

[Guest]

Assuming you want each creditor to recieve a payment based on their
percentage of your total debt:

In cell A1 enter your total debt ($324,000).
In cell B1 enter your monthly allocation for payments ($500?).
In cells A2-A33 enter the amounts owing to each of the 32 creditors (the sum of these should equal A1).
In cell B2 enter the following formula and copy down through B33:

=(b2/$A$1)*$B$1 (this will return the amount to pay each creditor)
Adjust cells A1 and B1 as needed.

Good Luck!

Bruce

The sum of these payments should equal the amount in B1

What formula can I use to determine how much money I should pay each
creditor if there are thirty-two creditors to whom I owe a total of
$324,000, with the smallest accout being about $28 and the largest
about $250,000. I can afford to pay about $500 per month so it stands
to reason the $250,000 account is entitled to a larger percentage of
the $500 than the smallest account of only $28.00?

Is there a formula I can apply for the entire column of balances due
with the only variable being how much I can spare each month? [The
amount will vary from a median of about $500 to a low of about $300 to
a high of about $800.

Thanks for your ideas on this.

Bob