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Q: Excel formula for calculating years to pay off credit card debt ( No Answer,   1 Comment )
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 Subject: Excel formula for calculating years to pay off credit card debt Category: Business and Money > Finance Asked by: snowballs-ga List Price: \$2.00 Posted: 17 Sep 2005 00:19 PDT Expires: 18 Sep 2005 21:26 PDT Question ID: 569020
 ```What is the Excel formula for calculating the number of years to pay off a credit card debt and what information do I need to calculate it? I do not want an amortization schedule, just the number of years it will take to pay off the credit card with the way I am paying it now (payment, intrest rate, etc.)``` Request for Question Clarification by maniac-ga on 17 Sep 2005 15:56 PDT ```Hello Snowballs, A couple questions: - Is the interest added at the same rate as payments (e.g., both monthly)? - Will you be charging more to your card while paying it off? Varying answers to both of these can affect the answer. Thanks --Maniac``` Clarification of Question by snowballs-ga on 18 Sep 2005 02:46 PDT ```Hello Maniac, Assume that I will not be charging more on the credit card while it is being paid off, and iterest will be added at the same rate as payment (monthly). I am using the current formula: =ROUND(NPER((E10/12), H10*-1, G10),2) Where: E10 = is the APR H10 = the monthly payment (*-1 to make it a negative number) G10 = the current balance due and the result is the number of months to pay off the card, but I want to make sure that this information gives a correct answer.``` Request for Question Clarification by maniac-ga on 18 Sep 2005 12:20 PDT ```Hello Snowballs, As already noted, the result you get is the number of months (payments) - divide by 12 if you need years. I suggest you make a slight change to read =ROUND(0.5+NPER((E10/12), H10*-1, G10),2) to round up to account for the final payment (a portion of the regular payment). Since you provided basically the answer I would have provided, I suggest you close the question (so you won't be charged) unless you want to pay for the advice provided. --Maniac```
 ```Your current formula is correct for computing the number of months to pay off the debt. I ran an amortization schedule to verify it. To get your answer in years, divide the entire formula by 12 as in: =ROUND(NPER((E10/12), H10*-1, G10),2)/12```