Using a Range to find text

[Guest]

I have checked other posts but can not find an answer to this.
I am creating a Pay-down applicaton which will work in conjunction with a
budget.
Loan 1 min payment is $100. But we have an extra $200 we can pay. so we now
pay a total of $300 on Loan 1. When it paid off, I use the extra 300 on loan
2.
I need to have a way to search the column for the word PAID OFF anywhere in
the column. When I find PAID OFF I can then take that total amount of $300
and then start applying to loan #2. I have tried to do an IF with an OR
but can not figure out how to search any cell in a particular column for the
word PAID OFF, then move the amount that was being paid over to the next loan.
Thanks for your help
Cas,
The GCSpecialist


Loan # 1 Loan # 2
Extra Payment = 200 Extra Payment = 300 (From Loan 1)
Total Min Total Min
owed Payment=100 Owed Payment=200
5/1/2007 1000 300 5000 500
6/1/2007 700 300 4500 500
7/2/2007 400 300 4000 500
8/2/2007 100 100 3500 500
9/2/2007 PAID OFF PAID OFF 3000 500
10/3/2007 PAID OFF PAID OFF 2500 500
11/3/2007 PAID OFF PAID OFF 2000 500
12/4/2007 PAID OFF PAID OFF 1500 500
1/4/2008 PAID OFF PAID OFF 1000 500
2/4/2008 PAID OFF PAID OFF 500 500
3/6/2008 PAID OFF PAID OFF PAID OFF PAID OFF
4/6/2008 PAID OFF PAID OFF PAID OFF PAID OFF

 

[Guest]

Use MATCH function to find 1st occurence of "PAID OFF"


e.g.

=MATCH("PAID OFF",A1:A500,0)

 

[Guest]

The logic of (timing of) assigning the $300 is not clear to me as you example
indicates $300 being assigned to the 2nd loan BEFORE the 1st loan is "PAID
OFF".

Once the PAID OFF is found , how do I take the $300 and put it into a cell in
the Loan 2 column so that I can now use the $300 to pay-down loan 2.

Form you example I would thought you would pay $200 on the 2nd loan until
9/2/2007 when the 1st loan is "PAID OFF".

 

[Guest]

I would be paying one loan off at a time, while continuing to make the
monthly payment on the others. Because I have $200 EXTRA a month, I can pay
$300 ($100 regular +the $100 extra) on Loan #1. After loan #1 is PAID OFF, I
now have $300 to pay EXTRA on the next loan. I need to figure out how to take
the maximum that I was paying on loan #1 and plug it into the column for Loan
#2 so I can use that number to make the additional payment. In the example,
Loan #2 the min Payment is $200. The extra plus the min payment from Loan #1
is $300. So I can now make a $500 payment to loan #2. When Loan #2 is paid
off, I now have $500 to pay on the next loan and so forth... This is callled
'snowballing your debt.

 

[Guest]

I am obviously very dumb but if the loans are running concurrently as your
example suggests, then I would expect the payment pattern to be as below:

Send me a sample workbook (toppers at REMOVETHISjohntopley.fsnet.co.uk)


Loan # 1 Loan # 2
Extra Payment = 200 Extra Payment = 300 (From Loan 1)
Total Min Total Min
owed Payment=100 Owed Payment=200
5/1/2007 1000 300 5000 200
6/1/2007 700 300 4800 200
7/2/2007 400 300 4600 200
8/2/2007 100 100 4400 200
9/2/2007 PAID OFF PAID OFF 3900 500
10/3/2007 PAID OFF PAID OFF 3400 500
11/3/2007 PAID OFF PAID OFF 2900 500
12/4/2007 PAID OFF PAID OFF 2400 500
1/4/2008 PAID OFF PAID OFF 1900 500
2/4/2008 PAID OFF PAID OFF 1400 500
3/6/2008 PAID OFF PAID OFF etc
4/6/2008 PAID OFF PAID OFF etc

 

[Guest]

You are correct in your example.. I was the one that forgot about the regular
payments on Loan #2 UNTIL Loan 1 is paid off THEN the extra is added..
Will that help for today as I can not get the spreadsheet to send until
tomorrow.
Thanks for pointing that out to me. I guess I just need to figure out your
example. When Loan 1 is PAID OFF then at that MONTH the extra is added to the
payment for loan #2.

 

[Guest]

I have worked out some logic but I would rather wait to gt your sample to
test it out.

 

[Guest]

OK, I will send it tonight.. Thanks for your time Toppers.