B
Brad
I need help with a formula to calculate the time it will
take to payoff a number of different debts with different
begining balances, different monthly payments and
different interest rates. I kno how to use the NPER
function to calculate a term, but this only works with
one debt. I need to figure it out for multiple debts
with a fixed payment amount for all of them. As the
smaller balances get paid off, the money that was going
to them will need to go to the balances with the higher
interest rate. I know of programs that will do this but
do not know the formula that is being used to calculate
this term.
take to payoff a number of different debts with different
begining balances, different monthly payments and
different interest rates. I kno how to use the NPER
function to calculate a term, but this only works with
one debt. I need to figure it out for multiple debts
with a fixed payment amount for all of them. As the
smaller balances get paid off, the money that was going
to them will need to go to the balances with the higher
interest rate. I know of programs that will do this but
do not know the formula that is being used to calculate
this term.