I would like to find a calculator which will help me work out the interest paid in x months…
For example:I purchased a $1,000 item on my credit card 6 months ago. How much has this cost me so far if the credit card interest rate is eg 20%?
$1000 x 20% = $200 per year
divide by 12 = $16.66 per month approx
that is ignoring months have 30 days or 31 days etc – should be close enough.Keep in mind some banks work off business days e.g. If the last day of the month is a saturday you might pay interest for 33 days ( charged on the Monday). If this happens the next month will be short month e.g. Might be from the second till the 30th.
With this in mind your monthly interest will vary however should still balance to the $200 per year.
Thanks so much for that.
Check out amortization template in excel office 2007. You can download it
Click on office logo top left corner the circle thingy
Select New
Select Template
Select microsoft office online
type in search microsoft online box
amortization
click on download
save templateThanks so much for that duckster.
Which one of the 7 options should I select?found it. it's 15 year amortization!!!
this is amazing. thanks so much for that!!!actually, the one I thought was it isn't. because it doesn't have a field for the interest rate %
:S
You must be logged in to reply to this topic. If you don't have an account, you can register here.
