Credit Card Calculation

[Joel]

Hi

I was wondering if anyone could help me with a minimum payment calculation
on my spreadsheet for my Credit card

I have the following Cells

Credit Limit (L2) £3500

Credit Card Amount Owed (L4) £3200

Credit Card APR (L6) 17.9%

Minimum Amount (L8) 2%

And then I have a cell (L10) Minimum Payment and it is in this Cell I want it
to say what my minimum payment will be if you could help with this that would
be great

Regards Joel

 

[pinmaster]

Hi,

Not sure if this is it but try this:

=ROUNDDOWN((ROUND((L6/12)*L4,2)+L4)*L8,0)-ROUND((L6/12)*L4,2)

I don't know anything about finances but from what I was read on the net I
got this:

3200 *(17.9%/12) =47.73
(3200+(17.9%/12))*3%=64 ...( 64.9546 rounded down)
minimum payment: 64-47.73=16.27

HTH
Jean-Guy