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# TT18: Credit Card Repayment Calculator: Months to Pay Off Loan

6-Nov-07
Personal Finance: Another Perspective
Purpose:
The purpose of this spreadsheet is to give an Excel template for calculating
how quickly you can pay off debts if you made additional payments on a specific
period basis. Effective Interest Rate calculations may be a little off with prepayments
as the final payment is less than the previous monthly payments
Disclosure:
The purpose of this spreadsheet and this class is to help you get your financial house in
order and to help you on your road to financial self-reliance. If there are mistakes in this
spreadsheet, please bring them to our attention and we will correct them in upcoming
versions. The teacher, and BYU, specifically disclaim any liability, or responsibility for
claims, loss, or risk incurred, directly or indirectly, from using this material.

## TT18: Credit Card Repayment Calculator: Months to Pay Off Loan

Personal Finance: Another Perspective
Input your information into the green cells only. Do not touch the blue cells or cells below the line

Balance Owed
Annual Percentage Rate
Compounding Periods
Effective Interest Rate
Payment Per Month or
Percent of Balance
Monthly
Balance
Payment
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44

5,000.00
4,977.08
4,953.81
4,930.18
4,906.19
4,881.83
4,857.09
4,831.97
4,806.46
4,780.56
4,754.26
4,727.56
4,700.44
4,672.91
4,644.95
4,616.56
4,587.73
4,558.46
4,528.73
4,498.55
4,467.90
4,436.78
4,405.18
4,373.10
4,340.52
4,307.43
4,273.84
4,239.73
4,205.09
4,169.92
4,134.20
4,097.94
4,061.12
4,023.72
3,985.76
3,947.20
3,908.06
3,868.31
3,827.94
3,786.96
3,745.34
3,703.08
3,660.17
3,616.60

100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00

5,000.00
18.50%
12
20.15%
100.00
10%
Interest
77.08
76.73
76.37
76.01
75.64
75.26
74.88
74.49
74.10
73.70
73.29
72.88
72.47
72.04
71.61
71.17
70.73
70.28
69.82
69.35
68.88
68.40
67.91
67.42
66.92
66.41
65.89
65.36
64.83
64.29
63.74
63.18
62.61
62.03
61.45
60.85
60.25
59.64
59.01
58.38
57.74
57.09
56.43
55.76

or

## Number of months to pay off

Number of years to pay off
(Monthly=12, annual = 1)
Total Interest Paid
Interest Paid / Loan Amount
5 Minimum Payment
Principle
22.92
23.27
23.63
23.99
24.36
24.74
25.12
25.51
25.90
26.30
26.71
27.12
27.53
27.96
28.39
28.83
29.27
29.72
30.18
30.65
31.12
31.60
32.09
32.58
33.08
33.59
34.11
34.64
35.17
35.71
36.26
36.82
37.39
37.97
38.55
39.15
39.75
40.36
40.99
41.62
42.26
42.91
43.57
44.24

New Balance
4,977.08
4,953.81
4,930.18
4,906.19
4,881.83
4,857.09
4,831.97
4,806.46
4,780.56
4,754.26
4,727.56
4,700.44
4,672.91
4,644.95
4,616.56
4,587.73
4,558.46
4,528.73
4,498.55
4,467.90
4,436.78
4,405.18
4,373.10
4,340.52
4,307.43
4,273.84
4,239.73
4,205.09
4,169.92
4,134.20
4,097.94
4,061.12
4,023.72
3,985.76
3,947.20
3,908.06
3,868.31
3,827.94
3,786.96
3,745.34
3,703.08
3,660.17
3,616.60
3,572.35

97
8.1
\$

4,630
93%
Mode
End / Begin
End

45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97

3,572.35
3,527.43
3,481.81
3,435.48
3,388.45
3,340.69
3,292.19
3,242.94
3,192.94
3,142.16
3,090.61
3,038.25
2,985.09
2,931.11
2,876.30
2,820.64
2,764.13
2,706.74
2,648.47
2,589.30
2,529.22
2,468.21
2,406.26
2,343.36
2,279.49
2,214.63
2,148.77
2,081.90
2,013.99
1,945.04
1,875.03
1,803.94
1,731.75
1,658.44
1,584.01
1,508.43
1,431.69
1,353.76
1,274.63
1,194.28
1,112.69
1,029.85
945.72
860.30
773.56
685.49
596.06
505.25
413.04
319.40
224.33
127.79
29.76
-

100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
-

55.07
54.38
53.68
52.96
52.24
51.50
50.75
50.00
49.22
48.44
47.65
46.84
46.02
45.19
44.34
43.48
42.61
41.73
40.83
39.92
38.99
38.05
37.10
36.13
35.14
34.14
33.13
32.10
31.05
29.99
28.91
27.81
26.70
25.57
24.42
23.25
22.07
20.87
19.65
18.41
17.15
15.88
14.58
13.26
11.93
10.57
9.19
7.79
6.37
4.92
3.46
1.97
0.46
-

44.93
45.62
46.32
47.04
47.76
48.50
49.25
50.00
50.78
51.56
52.35
53.16
53.98
54.81
55.66
56.52
57.39
58.27
59.17
60.08
61.01
61.95
62.90
63.87
64.86
65.86
66.87
67.90
68.95
70.01
71.09
72.19
73.30
74.43
75.58
76.75
77.93
79.13
80.35
81.59
82.85
84.12
85.42
86.74
88.07
89.43
90.81
92.21
93.63
95.08
96.54
98.03
99.54
-

3,527.43
3,481.81
3,435.48
3,388.45
3,340.69
3,292.19
3,242.94
3,192.94
3,142.16
3,090.61
3,038.25
2,985.09
2,931.11
2,876.30
2,820.64
2,764.13
2,706.74
2,648.47
2,589.30
2,529.22
2,468.21
2,406.26
2,343.36
2,279.49
2,214.63
2,148.77
2,081.90
2,013.99
1,945.04
1,875.03
1,803.94
1,731.75
1,658.44
1,584.01
1,508.43
1,431.69
1,353.76
1,274.63
1,194.28
1,112.69
1,029.85
945.72
860.30
773.56
685.49
596.06
505.25
413.04
319.40
224.33
127.79
29.76
-