This is a discussion on Calculating daily interest on a credit card within the Excel Questions forums, part of the Question Forums category; My wife and I have a few credit cards that are carrying balances. We want to get off the credit ...
My wife and I have a few credit cards that are carrying balances. We want to get off the credit cycle and begin using cash only. As an educational experience for both of us, I'd like to add a cell on our budget worksheet that shows how much interest we are paying per day on a specific credit card.
For example, one card has a balance of $2,746.50. The interest rate on this card is 8.9%. We pay it online at varying intervals, not just the due date, so I'd like to see just how much these payments affect the amount of interest that is compounding every day. More than anything else, it's meant to be motivational so that when we update the new outstanding balance we can say, "hey honey, look, we were accruing $18.17/day in interest but now they're only getting $16.48 from us".
Anyone have any ideas?