Revolving interest
Posted by Mike Finder on December 06, 2001 10:29 AM
I am looking for the equation that will compute the time for payoff and the total cost for a given intrest rate on a credit card. I want to incorporate it into a worksheet. Everything that I can find uses a static payment. However they do not take into consideration that the monthly payment goes down every month as the outstanding balance shrinks. It does not compute like a fixed rate loan. Any help would be greatly appreciated.