How to Calculate Credit Card Interest With Excel
Gather the details of all credit card accounts., Launch Microsoft Excel and open a new workbook., Enter the information from your credit card statements.
Step-by-Step Guide
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Step 1: Gather the details of all credit card accounts.
Pull out your most recent statements.
At the top or bottom look for the current balance, minimum payment percentage, and annual interest rate for each card. -
Step 2: Launch Microsoft Excel and open a new workbook.
Label cell rows A1 through A5 as follows.
Credit Card Name, Beginning Balance, Interest Rate, Minimum Payment and Interest Amount., Use one column for each credit card.
So the information for the first credit card will be entered into column B, rows 1–5.
The next credit card will be entered into column C, rows 1–5, and so on.If you are unable to locate the minimum payment percentage on your statement, divide the minimum payment amount by the ending balance for that statement to arrive at a percentage.
You need to calculate the percentage because the dollar amount will change each month.
Assume a Visa card with a $1,000 beginning balance, 18% annual interest rate and a minimum payment of 3% of the total.
In this scenario, you would enter $30 as the minimum payment, or the formula "=1000*.03." -
Step 3: Enter the information from your credit card statements.
Detailed Guide
Pull out your most recent statements.
At the top or bottom look for the current balance, minimum payment percentage, and annual interest rate for each card.
Label cell rows A1 through A5 as follows.
Credit Card Name, Beginning Balance, Interest Rate, Minimum Payment and Interest Amount., Use one column for each credit card.
So the information for the first credit card will be entered into column B, rows 1–5.
The next credit card will be entered into column C, rows 1–5, and so on.If you are unable to locate the minimum payment percentage on your statement, divide the minimum payment amount by the ending balance for that statement to arrive at a percentage.
You need to calculate the percentage because the dollar amount will change each month.
Assume a Visa card with a $1,000 beginning balance, 18% annual interest rate and a minimum payment of 3% of the total.
In this scenario, you would enter $30 as the minimum payment, or the formula "=1000*.03."
About the Author
Timothy Cook
Timothy Cook is an experienced writer with over 5 years of expertise in lifestyle and practical guides. Passionate about sharing practical knowledge, Timothy creates easy-to-follow guides that help readers achieve their goals.
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