calculate remaining balance?
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calculate remaining balance?
| Tue, 01-26-2010 - 1:53pm |
hi all- how do i calculate my remaining balance? i know that some of you are able to keep track of your balances as they go down, how do you do that accounting for the finance charge?
i don't even know if that question makes sense? if it doesn't i will try to clarify... but for right now i will hope that someone understands my question through my ignorance.
thanks, andi


You can create a mini amoritization table on Excell or most computer spreadsheet programs.
Just make formulas in the cells that look like this
=A3*(.099/12)-B2
Which basically is your balance, time the interest rate divided by 12 months minus the payment.
Or you can use the CNN debt calculator.
http://cgi.money.cnn.com/tools/debtplanner/debtplanner.jsp
Just punch in the credit card balance and APR and choose the applicable option for your repayment plan.
Kate
thanks!
marie- that was exactly what i was looking for. i totally blanked on how to set that up. i have everything set up in excel, so that works like a charm!
kate- that calculator was what got me started on figuring out how long/ much to pay, but it's limiting in that i can only get it to lay out my plan paying the highest interest rates first. i have set up a plan that i like, but that doesn't have a lot to do with the interest rates on the accounts... the other calculator i grabbed from another post on here lets me sort the payments however i want to, but won't amortize the loans individually so i can't track running balances with it.
i have it set up now so that when i enter my payments it will calculate the remaining balance. i like it.
-andi
Hi, andi,
I checked the MS office templates and there is an Excel spreadsheet you can download that does exactly the same as the CNN website but it allows you to save your work on your computer.