Ever thought about paying off your credit card balances? Maybe you would like to be debt free just to reduce your stress. Or perhaps you need to be debt free to retire.
If you have Microsoft Excel running on your computer at home or work, you can use Excels NPER function to calculate how quickly you can pay off a debt such as a credit card balance.
The NPER function calculates the term, or number of regular payments, needed to pay off a debt given its interest rate, payment amount, oustanding balance, balloon payment (if any), and, optionally, the type-of-annuity switch.
The type-of-annuity switch is a little complicated, but here’s how it works. If you set the type-of-annuity switch to 1, Excel assumes payments occur at the beginning of the month, following the annuity due convention. If you set the annuity switch to 0 or you omit the argument, Excel assumes payments occur at the end of the month following the ordinary annuity convention.
But let me show you how the function works in theory and in practice. All of this will become quite clear, I’m sure.
The function uses the following syntax:...
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