Help with calculations

pyrorus

Can anybody help me please.

Im doing a table on excell where Ive listed my income and expenditure each money. got is so it calculates my spare money etc.

Im now working on the repayments of debts. Most of them Ive negotiated and had interest stopped but one credit card has offered to lower it. (Im working on having it stopped) does anybody know the formula to put into a cell that will work out if the interest has been set at 5.6% and i have 3500 oweing if i pay 100 per month how much i would have left as obviously there going to charge the 5.6% interest to the remaining amount.

Is it simply

3500 owing
pay 100
left 3400
interest = 5.6% of 3400 ie £170 which seems too much, or do i need to do a more complicated formula.

If anyone who can help me is not good with exceel if you can just give me a formula using the above i can sort it out to an excell formula.

Any help ill br gratefull.

Rus

superjames4

divide by 12!

the 5.6% is the annual rate

should be close enough to just divide by twelve

also, are you paying 100 at the start of the month or the end? if at the end you should add the interest to the 3500, and then take the payment off

=3500+3500*0.056/12-100 will give you the debt total at the end of the month

=3500*0.056/12 is just the interest (or 3400 in your example)

pyrorus

superjames4 wrote:

divide by 12!

the 5.6% is the annual rate

should be close enough to just divide by twelve

also, are you paying 100 at the start of the month or the end? if at the end you should add the interest to the 3500, and then take the payment off

=3500+3500*0.056/12-100 will give you the debt total at the end of the month

=3500*0.056/12 is just the interest (or 3400 in your example)

Thanks I knew I was missing something out.

In the case of the credit cards im gaing to include it. Im not using the cards anymore its just so i can finally see when there going to be paid off. so if i assume the laterr its only going to shove everything along a month.

Thanks for the help its much appreciated

RUs