New Minimum Payment Formula

#3 10-04-2005, 05:23 AM

Like I said, I'm neither an accountant nor a mathematician, but I probably
should have specified just how far from either of those I am. I had no idea
how to do either the original formula nor its progeny.

But you did, and that's why I love this group! Thanks, Dick. Just don't
laugh at my nonexistent numeric skills.

Susan

"Dick Watson" <littlegreengecko[at]mind-enufalready-spring.com> wrote in
message news:etYR$XJyFHA.3720[at]TK2MSFTNGP11.phx.gbl...
- quote -

> I guess I was expecting you would reduce the formula to a number that you
> could enter into, say, DRP. Let's say your interest rate is 18%. That's
> 1.5% per month. Finance charge (1.5%) plus 1% will be roughly equal to 2.5%
> of the balance.
> "harrelsonesq" <harrelsonesq2[at]yahoo.com> wrote in message
> news:Onn7xMJyFHA.3152[at]TK2MSFTNGP10.phx.gbl...
> > I think the DRP is the most likely use for that information within Money.
> > I also use the information -- in my "budget" spreadsheet -- to calculate
> > how much of my take-home I want to allocate to credit card payments over
> > and above the minimum.
> > > All the crazed media hype seems to have been exactly that, though. Not
> > one of mine that have already made the change is even close to "doubling
> > my payment." In fact, it's less than I normally would pay. It just looks
> > weird because it's not a round number.
> > > I haven't tried your formula, but I bet Money won't do it. Another
> > spreadsheet is in the future, I guess.
> > > Susan
> > > "Dick Watson" <littlegreengecko[at]mind-enufalready-spring.com> wrote in
> > message news:etqKEf8xFHA.2072[at]TK2MSFTNGP14.phx.gbl...
> > > ((rate% / 12) + 1%) * balance? That's get in the neighborhood, no? We
> > > are talking something to put in DRP?

#2 10-04-2005, 03:45 AM

I guess I was expecting you would reduce the formula to a number that you
could enter into, say, DRP. Let's say your interest rate is 18%. That's 1.5%
per month. Finance charge (1.5%) plus 1% will be roughly equal to 2.5% of
the balance.

"harrelsonesq" <harrelsonesq2[at]yahoo.com> wrote in message
news:Onn7xMJyFHA.3152[at]TK2MSFTNGP10.phx.gbl...
- quote -

> I think the DRP is the most likely use for that information within Money. I
> also use the information -- in my "budget" spreadsheet -- to calculate how
> much of my take-home I want to allocate to credit card payments over and
> above the minimum.
> All the crazed media hype seems to have been exactly that, though. Not one
> of mine that have already made the change is even close to "doubling my
> payment." In fact, it's less than I normally would pay. It just looks
> weird because it's not a round number.
> I haven't tried your formula, but I bet Money won't do it. Another
> spreadsheet is in the future, I guess.
> Susan
> "Dick Watson" <littlegreengecko[at]mind-enufalready-spring.com> wrote in
> message news:etqKEf8xFHA.2072[at]TK2MSFTNGP14.phx.gbl...
> > ((rate% / 12) + 1%) * balance? That's get in the neighborhood, no? We are
> > talking something to put in DRP?

#1 10-04-2005, 03:26 AM

I think the DRP is the most likely use for that information within Money. I
also use the information -- in my "budget" spreadsheet -- to calculate how
much of my take-home I want to allocate to credit card payments over and
above the minimum.

All the crazed media hype seems to have been exactly that, though. Not one
of mine that have already made the change is even close to "doubling my
payment." In fact, it's less than I normally would pay. It just looks weird
because it's not a round number.

I haven't tried your formula, but I bet Money won't do it. Another
spreadsheet is in the future, I guess.

Susan

"Dick Watson" <littlegreengecko[at]mind-enufalready-spring.com> wrote in
message news:etqKEf8xFHA.2072[at]TK2MSFTNGP14.phx.gbl...
- quote -

> ((rate% / 12) + 1%) * balance? That's get in the neighborhood, no? We are
> talking something to put in DRP?
> "harrelsonesq" <harrelsonesq2[at]yahoo.com> wrote in message
> news:%23JQkHT7xFHA.356[at]TK2MSFTNGP10.phx.gbl...
> > Does anyone have any idea how to put the new formula into Money?
> > > It used to be 2% of balance, but most FI's are going to 1% + [dollar
> > amount of finance charge]. Not being an accountant or mathematician, I
> > can't see how to do this in Money. Anybody tried yet?

10-03-2005, 03:08 AM

((rate% / 12) + 1%) * balance? That's get in the neighborhood, no? We are
talking something to put in DRP?

"harrelsonesq" <harrelsonesq2[at]yahoo.com> wrote in message
news:%23JQkHT7xFHA.356[at]TK2MSFTNGP10.phx.gbl...
- quote -

> Does anyone have any idea how to put the new formula into Money?
> It used to be 2% of balance, but most FI's are going to 1% + [dollar
> amount of finance charge]. Not being an accountant or mathematician, I
> can't see how to do this in Money. Anybody tried yet?

#-1 10-03-2005, 12:52 AM

Does anyone have any idea how to put the new formula into Money?

It used to be 2% of balance, but most FI's are going to 1% + [dollar amount
of finance charge]. Not being an accountant or mathematician, I can't see
how to do this in Money. Anybody tried yet?

Susan

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