How to use a function to calculate pay off date?

If your payments are at then end of each period then then you can calculate an approximate pay-off date with something like this:

=TODAY()+NPER(C2/12,−D2,B2,0,0)*30

Notes/assumptions:

• Your period is monthly, and the number of days in a period is assumed to be 30.
• The interest rate is expressed as annual.
• The balance is as of today's date (otherwise you need the relevant date instead of TODAY() in the formula).
• How it works: you can add a number of days to a date to derive a future date. So you can calculate the number of period and multiply by 30 to get the number of days, then add that to the starting date to get the pay-off date.
• Note: for the NPER function you need to express the payment as a negative, as it is an outgoing cash flow.

SG

Emmaag,

If the interest rate is 0%, as you have entered in your table, you don't need a function to figure this out.

I'm going to make the assumption that the minimum payment is based on monthly payments.

If you plan to make the minimum payment, you will have to make 3.3 payments ($185/$56), a bit inconvenient. If you pay $61.67 per month ($185/$56), you will have paid it off in three months and you will have satisfied the minimum payment requirement.

Jerry