software

Hi, Just wondering if antone had an Excel Credit card spreadsheet. I am
looking to calculate the length of time to pay off credit cards.
Regards
Derek

First, check your statements for the quot;rulesquot;.
Your minimum payment will include a miniscule percentage of outstanding
principal (typically around 1.5%) plus interest. The prin reduction percent
may be stratified based on balance.

You'll probably need something like this in these columns:
Beginning balance
Periodic Interest (Beg Bal X Rate/12)
Principal Reduction (Beg Bal X PrinReductPct)
Ending Balance (Beg Bal Per Interest -Prin Reduction)

The Initial Beginning Balance is your current balance.
All other Beginning Balances are equal to the prior Ending balance.

Don't be too surprised if the term to payoff the balance, making only
minimum payments, is over 30 or 40 years.***********
Regards,
Ron

XL2002, WinXP-Proquot;Derekquot; wrote:

gt; Hi, Just wondering if antone had an Excel Credit card spreadsheet. I am
gt; looking to calculate the length of time to pay off credit cards.
gt; Regards
gt; Derek

Calculation adjustment:

This:
Ending Balance (Beg Bal Per Interest - Prin Reduction)

Should be this:
Ending Balance (Beg Bal - Prin Reduction)

In my playing, I used a $5000 balance at 12% APR with 1.5% principal
reductions.
It pays off in around 46 years and racks up over $3000 of interest!***********
Regards,
Ron

XL2002, WinXP-Proquot;Ron Coderrequot; wrote:

gt; First, check your statements for the quot;rulesquot;.
gt; Your minimum payment will include a miniscule percentage of outstanding
gt; principal (typically around 1.5%) plus interest. The prin reduction percent
gt; may be stratified based on balance.
gt;
gt; You'll probably need something like this in these columns:
gt; Beginning balance
gt; Periodic Interest (Beg Bal X Rate/12)
gt; Principal Reduction (Beg Bal X PrinReductPct)
gt; Ending Balance (Beg Bal Per Interest -Prin Reduction)
gt;
gt; The Initial Beginning Balance is your current balance.
gt; All other Beginning Balances are equal to the prior Ending balance.
gt;
gt; Don't be too surprised if the term to payoff the balance, making only
gt; minimum payments, is over 30 or 40 years.
gt;
gt;
gt; ***********
gt; Regards,
gt; Ron
gt;
gt; XL2002, WinXP-Pro
gt;
gt;
gt; quot;Derekquot; wrote:
gt;
gt; gt; Hi, Just wondering if antone had an Excel Credit card spreadsheet. I am
gt; gt; looking to calculate the length of time to pay off credit cards.
gt; gt; Regards
gt; gt; Derek