This built-in Excel formula allows you to measure the amount of interest you paid or will during a certain time. Use the Interest FormulaĮnter the command “ISPMT (A2,B2,C2,-D2)” in E2. If you’re not sure of your card balance, check your most recent statement, visit your credit card company’s website or give the company a call. For instance, if you have a $35,000 credit line and plan to max out your card or have already hit that credit limit, type $35,000. Type the amount of money you’ve spent on your credit card or plan to spend in D2. For example, if you plan to pay your card off in four years, multiply 4–the number of years–and 12–the number of months in each of those years–to figure out the number of times you must make a payment. For example, from your card origination date to the conclusion of your first month, enter the number “0.” For month number one, enter “1.” Enter Your Total PaymentsĮnter the total sum of your payments for your card in C2. Enter Number of MonthsĮnter the precise amount of periods, usually months, for which you desire to count the interest payment in B2. If you can’t find it, contact your credit card company for help. Your annual interest rate should be available on your credit card statement or online at your credit card company’s website. You can get this figure by dividing your rate of interest by the number 12. Title your A1 cell “Interest.” Title your B1 cell the word “Period.” Title the third cell or C1 “Total.” Title D1 “Card Value.” Title E1 “Payment.” Enter Your Monthly RateĮnter your monthly interest rate in A2. Set Up Your Spreadsheetįirst, set up some headers so that you or anyone else can quickly tell what the different columns in your spreadsheet refer to.
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If you have your credit card statements available and understand how to create cells and formulas, you can calculate interest payments on Excel using built-in features of the program.
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When you use Excel to perform these calculations, you do not have to spend much time writing things down because the software does most of the work for you. You can even use this software to calculate the amount of credit card interest you owe to your card provider. With Microsoft Excel you can solve complex calculations and formulas rapidly. 6 Tips to Save Using the Most Popular Food Delivery Apps
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