Excel help, please!

Discussion in 'Budget Board' started by kellia, Sep 6, 2008.

  1. kellia

    kellia DIS Veteran

    Joined:
    Oct 11, 2005
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    2,285
    Help! I have Excel worksheets I made with formulas set up using PMT to figure out payments if we were to finance something using various months and interest rates. However, I cannot figure out how to put in an amount we owe (like a credit card) and figure out how soon it would be paid off if we paid so much a month or how much we'd have to pay to get it paid off in a certain time period. Can anyone help me? I think it's using the FV, but I didn't retain anything from my college finance class!! :rolleyes:
     
  2. dawnball

    dawnball <font color=red>bouncie bouncie...<br><font color=

    Joined:
    Jul 6, 2005
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    To pay it off in a certain period of time you can do something like:

    =-pmt(APR/12, num_payments,amount owed)

    If you want to see how quickly you would pay something off with a given payment you can use NPER
    =NPER(APR/12,payment,-principle)
     
  3. sbakersub

    sbakersub Mouseketeer

    Joined:
    Aug 16, 2007
    Messages:
    446
    I use Excel quite a bit on my job, but for those kind of personal finance questions I cheat and use one of the options on this web site...

    www.timevalue.com/tcalc.aspx
     

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