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Thread: Need Excel formula for Credit Card Interest Caculation

  1. #1
    Join Date
    Jan 2012
    Posts
    61

    Need Excel formula for Credit Card Interest Caculation

    I am trying to create a feature that will allow me to enter my credit card amount, interest, and monthly payments to find out how long it will take me to pay off. But also allow me to switch it up and enter the number of payments I want to make to find out the amount fpr my payments that should be to pay it off in that time limit. Thanks

  2. #2
    Join Date
    Jun 2011
    Posts
    804

    Re: Need Excel formula for Credit Card Interest Caculation

    From the Excel help file., try to search for NPER function. This will help you to find "Returns the number of periods for an investment based on periodic, constant payments and a constant interest rate." Second one is PMT function. This will help you to calculate the payment for a loan based on constant payments and a constant interest rate.

  3. #3
    Join Date
    May 2011
    Posts
    449

    Re: Need Excel formula for Credit Card Interest Caculation

    There is a template for the question that you have asked which can help you. Download the below Credit Card Payment Calculator template and fill up the information as per you need. It will give you a easy to use report and information on Credit Card Interest rate. The second link provides you detailed help on creating your own play payment methods in Microsoft Excel.
    Credit Card Payment Calculator

    Plan payments and savings with Excel

  4. #4
    Join Date
    Jan 2006
    Posts
    6,878

    Re: Need Excel formula for Credit Card Interest Caculation

    It is not a tough task to calculate the interest of credit card. Input your current credit card balance in cell A1, input the formula in cell B1 (= A1*(credit card interest rate/12)), in cell C1 input the monthly payment you make, in D1 Create formula =A1+B1-C1. NOW A2=D1, copy cells B1, C1 & D1 and paste onto cell B2, C2 &D2. Now copy entire row of A2:d2 and paste down until cell D become zero.

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