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Q: Excel formula for calculating years to pay off credit card debt ( No Answer,   1 Comment )
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.


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.

There is no answer at this time.

Subject: Re: Excel formula for calculating years to pay off credit card debt
From: vaexcelguru-ga on 18 Sep 2005 11:29 PDT
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

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