1. Credit Cards

2. Amortization Tables Fill-in headings across in the first row. (Type "Month in cell A1, Beginning Balance in cell B1, etc…) Month Beginning BalancePaymentInterestPrincipalEnd Balance

3. Month and Loan Amount Fill-in the total number of months going down (type in 0 in A2 and 1 in A3 then select both numbers and fill down) to 60 months Type in loan amount (2000.00) in cell F2. This is the only cell (besides the headings and the months) that doesn't have a formula.

4. Each month you will pay off a bit of your balance. The beginning balance each month, is your balance that month before your payment. In cell B3 type "= F2“

5. How much you pay each month!!

6. Payment option 1 You have to decide Type in a number for payment P & I

7. Monthly interest Money that the bank makes The Annual Percentage Rate divided by 12 times the Beginning Balance We’ll say for this credit card … 15% APR Interest = (.15/12)*B3

8. Amount that goes toward paying off your balance!! Principal = Payment – interest amount Principal = C3 – D3

9. Ending Balance Ending Balance = Beginning balance minus the principal you paid Ending balance = B3-E3

10. Payment option 2 Minimum payment: Percent of Balance OR Some minimum dollar amount Payment = MAX(Balance*some percent, 25) Payment = MAX(B3*.02, 25)

11. Payment option 3 Whatever it takes to pay it off in certain time =PMT(interest/12, # of payments, - Beginning balance) So if you bought the cow cookie jar for $2000, wanted to pay it off in 5 years making monthly payments and your credit card’s annual percentage rate is 15%.... =PMT(.15/12, 60, -2000)