Excel's Formula - sisman

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350 Part III: Financial <strong>Formula</strong>s Credit card calculations The final type of loan amortization schedule is for credit card loans. Credit cards are different beasts because the minimum payment varies, based on the outstanding balance. You could use the preceding Payment Table method, but it offers only nine rows of varying payments — probably not enough for most applications. You could also use the method where the payments are entered directly in the schedule. When the payments are different every time, however, the schedule loses its value as a predictor or planner. You need a schedule that can predict the future payments of a credit card loan. Credit card calculations represent several nonstandard problems. Excel’s financial functions (PV, FV, RATE, and NPER) require that the regular payments are at a single level. In addition, the PMT function returns a single level of payments. With IRR and NPV analysis, the user inserts the varying payments into a cash flow. Credit card companies calculate payments based on the following relatively standard set of criteria: A minimum payment is required. For example, a credit card account might require a minimum monthly payment of $25. The payment must be at least equal to a base percentage of the outstanding debt. Usually, the payment is a percentage of the outstanding balance but not less than a specified amount. The payment is rounded, usually to the nearest $0.05. Interest is invariably quoted at a given rate per month. Figure 13-4 shows a worksheet set up to calculate credit card payments. The formula for the minimum payment is rather complicated — just like the terms of a credit card. This example uses a minimum payment amount of $25 or 3% of the balance, whichever is larger. This small minimum payment results in a very long payback period. If this borrower ever hopes to get rid of that balance in a reasonable amount of time, he’ll need to use that additional payment column. The minimum payment formula, such as the one in B13, is =MIN(F12+D13,MROUND(MAX(MinDol,ROUND(MinPct*F12,2)),PayRnd)) From the inside out: The larger of the minimum dollar amounts and the minimum percent is calculated. The result of that is rounded to the nearest five cents. This rounded amount is then compared with the outstanding balance, and the lesser of the two is used. Of course, things get much more complicated when additional charges are made. In such a case, the formulas would need to account for “grace periods” for purchases (but not cash withdrawals). A further complication is that interest is calculated on the daily outstanding balance at the daily effective equivalent of the quoted rate.
Figure 13-4: Calculating a credit card payment schedule. Chapter 13: Financial Schedules 351 Summarizing Loan Options Using a Data Table If you’re faced with making a decision about borrowing money, you have to choose between many variables, not the least of which is the interest rate. Fortunately, Excel’s Data Table command (Data➜Data Tools➜What-If Analysis➜Data Table) can help by summarizing the results of calculations using different inputs. The workbook loan data tables.xlsx contains the examples in this section and can be found on the companion CD-ROM. The data table feature is one of Excel’s most under-utilized tools. A data table is a dynamic range that summarizes formula cells for varying input cells. You can create a data table fairly easily, but data tables have some limitations. In particular, a data table can deal with only one or two input cells at a time. This limitation becomes clear as you view the examples. Creating a one-way data table A one-way data table shows the results of any number of calculations for different values of a single input cell. Figure 13-5 shows the general layout for a one-way data table.
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Excel ® Microsoft 2010 ® Microsof
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Excel® 2010 Formulas Published by
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Publisher’s Acknowledgments We’
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vi Part VII: Appendixes Appendix A:
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viii Keyboard shortcuts . . . . . .
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x Potential Problems with Names . .
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xii Date-Related Functions . . . .
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xiv Working with Tables . . . . . .
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xvi Chapter 13: Financial Schedules
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xviii Creating Links to Cells . . .
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xx Excel’s Auditing Tools . . . .
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xxii Does the text match a pattern?
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1 INTRODUCTION Welcome to Excel 201
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VBA code listings Introduction 3 Do
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Basic Information Chapter 1 Excel i
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Appendixes Appendix A Excel Functio
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768 Part VII: Appendixes Turn off
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770 Index array formulas (continued
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786 Index VBA (continued) data type
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5. Limited Warranty. (a) WPI warran
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