Credit Card Projects

Summary of sample formulas for the American Express credit card at 12% APR

**Balance Due:** for month 1 this is the total cost of your new computer. For months 2-6 this is your NEW BALANCE from the previous month.

Example
Formula for month 1: =F8. For months 2-6: =G13, =G14 etc

**Minimum Due:** this is 2% of your Balance Due.

Example
Formula for month 1: =F8*0.02

**Amount Paid:** enter the minimum due for that month.

Example Formula for month 1: =F9

**Unpaid Balance:** this is the Balance Due minus the Amount Paid.

Example
Formula for month 1: =F8-F10

**Finance Charge:** this is interest rate of the card (12% in the example) divided by 12 (months) times the Unpaid Balance.

Example
Formula for month 1: =F11*(0.12/12)

**New Balance:** this is the Unpaid Balance plus the Finance Charge.

Example
Formula for month 1: =F11+F12

Creating Charts

- Select the range of cells you wish to chart (the $ amounts of the NEW BALANCE for months 1-6)
- Select Insert Chart from the Menu
- For a chart type select Line / with markers for each data value. Click NEXT 2 times
- Click on the Title tab and enter a title for your chart. Enter in titles to label the X axis and Y axis
- Click on the Legend tab and unselect the Show Legend box
- Click on the Data Labels tab and select Show Value. Click the Next Button. then the Finish Button