I am looking to get help with creating a payoff optimization formula in excel given the following inputs
Credit Cards monthly payment Balance
credit card #1 30 708.36
credit card #2 32 986.23
credit card #3 86 2,784.26
credit card #4 34 1,088.1
credit card #5 53 1,858.97
credit card #6 68 2,275.56
credit card #7 27 907.57
credit card #8 87 3,612.76
credit card #9 25 620.89
credit card #10 52 1,879.85
credit card #11 81 2,469.38
Loan Amount 5,000
Monthly Payment 500
What i am looking to create is something that can pick the best combination of balances and payments to get close to or just a bit over the Loan Amount and the Monthly payment as these two are the restrictions in the calculation.
Any help with this is greatly appreciated.
Thanks,
Danny
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