This is the way I see my problem:
Australian credit card monthly statements require the borrower to repay a minimum AMOUNT against the statement (not a PERCENTAGE of the principal, as do overseas' credit cards), if he/she so wishes.
Furthermore, there is no time limit in which to repay the principal; therefore, this arrangement is an open-ended contract, which is designed to entice the borrower into doing nothing more that make interest repayments, until they die!
I am trying to construct a spreadsheet (to suit Australian conditions) that has columns for:
a. Payment Amount.
b. Cumulative Payments.
c. Interest.
d. Cumulative Interest.
e. Principal.
f. Cumulative Principal.
g. Principal Balance.
I have studied the book, John Walkenbach's "Microsoft Excel 2000 formulas" (and accompanying CD) like the Dead Sea Scrolls, but I cannot construct a spreadsheet to suit Australian conditions (to my knowledge).
I know that this is a big ask, but can anyone direct me to a site where I can get such a spreadsheet, or offer any suggestions, please?
Regards,
Mick.
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