All Topics / Legal & Accounting / Where can I find a calculator …

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  • Profile photo of not_so_luckynot_so_lucky
    Member
    @not_so_lucky
    Join Date: 2008
    Post Count: 121

    I would like to find a calculator which will help me work out the interest paid in x months…
    For example:

    I purchased a $1,000 item on my credit card 6 months ago. How much has this cost me so far if the credit card interest rate is eg 20%?

    Profile photo of BankerBanker
    Participant
    @banker
    Join Date: 2010
    Post Count: 371

    $1000 x 20% = $200 per year
    divide by 12 = $16.66 per month approx
    that is ignoring months have 30 days or 31 days etc – should be close enough.

    Keep in mind some banks work off business days e.g. If the last day of the month is a saturday you might pay interest for 33 days ( charged on the Monday). If this happens the next month will be short month e.g. Might be from the second till the 30th.

    With this in mind your monthly interest will vary however should still balance to the $200 per year.

    Profile photo of not_so_luckynot_so_lucky
    Member
    @not_so_lucky
    Join Date: 2008
    Post Count: 121

    Thanks so much for that.

    Profile photo of ducksterduckster
    Participant
    @duckster
    Join Date: 2004
    Post Count: 1,674

    Check out amortization template in excel office 2007. You can download it

    Click on office logo top left corner the circle thingy

    Select New
    Select Template
    Select microsoft office online
    type in search microsoft online box
    amortization
    click on download
    save template

    Profile photo of not_so_luckynot_so_lucky
    Member
    @not_so_lucky
    Join Date: 2008
    Post Count: 121

    Thanks so much for that duckster.
    Which one of the 7 options should I select?

    Profile photo of not_so_luckynot_so_lucky
    Member
    @not_so_lucky
    Join Date: 2008
    Post Count: 121

    found it. it's 15 year amortization!!!
    this is amazing. thanks so much for that!!!

    Profile photo of not_so_luckynot_so_lucky
    Member
    @not_so_lucky
    Join Date: 2008
    Post Count: 121

    actually, the one I thought was it isn't. because it doesn't have a field for the interest rate %
    :S

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