what function do I use

  • Thread starter Thread starter Patty
  • Start date Start date
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Patty

Dear folks,

What function do I use to figure out what credit card deal
would be the best for me? I tried PMT and that doesn' seem
right, please advise.
 
Are you using PMT correctly?
Rate = APR/12,
nper = years*12
PV = loan
FV should be zero
PMT will be negative - money going out to repay load
 
I'm not sure, i followed
select pmt, click ok,
palette opens
first box put current %
second box put est number of payments
third box present balance
in last box put 0

It returned a payment but wasn't tell me what I was
looking for. I probably set it up wrong. What I want to do
is figure out how to pay the least with the credit card
offers I have sitting around and how long it will take to
pay them off, any ideas?
 
Patty said:
how long it will take to
pay them off, any ideas?
Click to expand...

Hi Patty,

Assuming,

Balance is $5,000
Interest rate is 10% per anum
Monthly payment is $100

try,

=NPER(10%/12,-100,5000)

This will give you the number of months it will take to pay off the
amount.

Hope this helps!
 
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