How to Calculate Credit Card Payments in Excel

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Microsoft Excel is a comprehensive spreadsheet and financial analysis tool and can be used in business and in personal finances. Among other budgeting tools, Excel also features functions that can help you calculate payment amounts, mortgage amortization schedules and other helpful figures. Calculate credit card payments in Excel to achieve a much faster pay-off of all balances.

Steps

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    Interest rate, Number of periods, Present value, Future value and Payment. [1]
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    • Because the interest rate listed on your credit card statement is an annual rate, but this calculation requires the monthly interest amount, calculate the interest within the cell by dividing the interest rate by the number of months in a year (12).
    • For instance, a 10% rate will require you to type "=.10/12" in the cell and press enter.
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    • Enter this is the cell in column B next to the label, "Number of periods."
    • For instance, if you would like to have your balance paid off within 3 years, enter "36" in this cell.
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    • For this example we will assume a credit card balance of $5,000.
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    Click to select the cell in Column B next to the label "Payment," then click the function button (fx) at the left edge of the data entry window to calculate your credit card payment. [2]
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    Enter the data pertaining to your credit card balance, rate and projected payment periods from the fields in column B into the function window.
    • You can type the data into each field.
    • Alternatively, you can click on the Cell Link icon and then click the cell containing the information. After each entry, click the Cell Link icon again to return to the function window.
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    You should now see the necessary credit card payment amount required to pay off your balance within the specified period.
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  • Question
    Why does my answer show up as a negative when none of the input values are negative?
    Community Answer
    It is a quirk of Excel. Place a negative symbol next to the PV cell name and the answer will become positive.
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      Tips

      • If you have a budgeted amount to pay on your credit card, you can calculate the time needed to reach a zero balance by using the "NPER" function [4] and entering the interest rate (divided by 12 months), budgeted payment amount and present value or balance on the credit card account. Enter "0" in the "FV" field and leave the type blank.
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      • You can increase the number of periods to lower your monthly payment, if necessary.
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      Warnings

      • These calculations only work when no further charges are applied to the credit card in question. If you charge typical monthly expenses to a credit card and pay off the balance at the end of every month, use a different card than the one you are trying to pay off.
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      References

      1. ↑ https://exceljet.net/excel-functions/excel-pmt-function
      2. ↑ https://kb.wisc.edu/helpdesk/page.php?id=25582
      3. ↑ https://exceljet.net/formula/calculate-payment-for-a-loan
      4. ↑ https://support.office.com/en-us/article/nper-function-240535b5-6653-4d2d-bfcf-b6a38151d815

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