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Time to pay credit card

  1. #1
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    Time to pay credit card

    Ok I have been playing with this for a couple of weeks now and have yet to come up with a formula that works.

    A1 - Annual Interest Rate of Credit Card
    A2 - Total Balance of Card
    A3 - Minimum monthly payment



    =ROUND(0.5+NPER((a1/12), a3*-1, a2),2)


    I thought this would work, but I am getting a NUM error.

    Any assistance. I would like to know two things. How many months until paid in full. How much interest would be paid.
    So when you press this button that says "Destroy the World" what does it do?


    <Long Pause>



    Click

  2. #2
    Forum Expert Carim's Avatar
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    Hi,

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    HTH
    Carim

  3. #3
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    Quote Originally Posted by Carim
    Hi,

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    I am still getting a #num error?

    values I am trying as a test
    a1 = 21.78, (I have also tried .2178
    a2 = 8900
    a3 = 178


    also do you have any thoughts on how I can calculate the total interest paid, og great and powerful one?
    Last edited by dacius1; 12-14-2006 at 12:05 PM.

  4. #4
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    or 134.5 months ...

    HTH
    Carim

  5. #5
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    why am I getting 50.29 as an answer?



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  6. #6
    Forum Expert Carim's Avatar
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    Just make sure to be 100% coherent between your data ...
    if you use monthly payment, interest rate has to "monthly" ...too ...

    HTH
    Carim

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    I am not following.... sorry maybe this one is too complicated for me.



    my rate is a1/12. that should give me a monthly value, right?

    a3 is a monthly value.


    so why is my formula producing a wrong answer?

  8. #8
    Forum Expert Carim's Avatar
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    No ... your formula is right and your calculation is right ...

    It is only that I did not have the right input figures ...

    Carim

  9. #9
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    Quote Originally Posted by Carim
    No ... your formula is right and your calculation is right ...

    It is only that I did not have the right input figures ...


    OK I got it working, but for some reason it is giving me an error on a balance larger than 9700. Any ideaas as to why it is giving me this error. If I put 9700 its fine, but if I put 9750 it errors. This formula is kinda a pain for some reason.

  10. #10
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    nevermind. Infinite months. the interest would be more than the monthly payment

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