how to calculate credit card interest???

[sbasak]

Everyone should love this - how to calculate credit card interest???

Is there any built in function for it in VB, Excel etc.?

If I buy a goods on my credit card costing $ A, if APR is r%, if minimum balance is $ m per month and if I pay back $ p1 in 1st month, $ p2 in 2nd month,..., $ pn in n th month what will be my interest and principle amount paid back every month?

Can anyone provide a formula for this??

Lots of thankx

[A$$Bandit]

Isn't that what you pay an accountant to do?

[Osiris]

i dont have a CC, but arent some CC different than others
and calculate it differently... because I remember seeing a CC
that had something like Daily Interest Rate with 0% APR

[Jim Brown]

This might help:

http://mathworld.wolfram.com/topics/Accounting.html

[sbasak]

I think following formula might help,

Interest paid in any month = [Loan Amount Outstanding] * [% rate]/100

Please see the attached Excel file.