Solver for budgeting


T

Taylor

I am new to the solver function and would like to know how to set it up so
that I can determine 1)how many months it will take to pay off a credit card
balance with a fixed APR and a fixed monthly payment or 2)what a monthly
payment would have to be to pay off a credit card in a fixed number of months
with a fixed APR. Is there a way to figure in the max. amount of purchases
allowable per month for either scenario as well?

I am really excited to hear how to get started on this so if someone has any
suggestions or can point me towards something that might offer some help that
would be great!

Thanks!
 
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F

Fred Smith

You don't need solver for financial functions.

For 1), use the Nper function
For 2), use the Pmt function
For "max. amount of purchases", you probably want PV

Regards,
Fred.
 

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