Credit Card Payoff: Nothing of value posted that I can find.

[mqarep]

I am looking for a formula or spreadsheet example that calculates a Credit Card payoff (in months) based on current balance, APR, and the input of a monthly payment (which would/could vary).

Thank you for your help and time.

 

[a7n9]

Hi..

Try using PMT function. Check this link at my blog http://www.nandeshwar.info/projects/xlblog/2005/03/pmt-worksheet-function.html

 

[RalphA]

Use the NPER() function, which is:
Number of Months =NPER(rate,pmt,pv,fv), where:
rate = %rate per year/12, or rate per year/1200
pmt = monthly payments, WITH A NEGATIVE SIGN IN FRONT!
pv = present value, or, for a debt, the amount of the debt
fv = future value, or, for a debt, 0.

If you need an algebraic formula, I think I can get it for you. Just post again, or send me a PM.