2. Fill-in headings across in the first row. (Type "Month in cell A1, Beginning Balance in cell B1, etc…) Month Beginning BalancePaymentInterestPrincipalEnd Balance

3. Fill-in the number of months going down ( type in 0 in A2 and 1 in A3 then select both numbers and fill down) We can now see how many months it will take us to pay off the loan

4. Type in loan amount ($2,500.00) in cell F2 under the heading Ending Balance. This means that the ending balance in month 0 before making any payments is the amount you paid on the shamrock shake. This is the only cell (besides the headings and the months) that doesn't have a formula.

5. Each month you will pay off a bit of your balance. The beginning balance each month is your balance that month before you make your payment. It is also equivalent to the previous months ending balance so… In cell B3 type "= F2

6. How much you pay each month

7. You have to decide Type in a number for payment P & I

8. Money that the bank makes The Annual Percentage Rate divided by 12 times the Beginning Balance Well say for this credit card … 15% APR Interest =(.15/12)*B3

9. Amount that goes toward paying off your balance!! Principal = Payment – interest amount Principal = C3 – D3

10. Ending Balance = Beginning balance minus the principal you paid Ending balance = B3-E3

11. Minimum payment (set by bank): 1.Percent of Balance OR 2.Some minimum dollar amount Payment = MAX(Balance*some percent, 25) Payment = MAX(B3*.02, 25)

12. Payment option 3 Whatever it takes to pay it off in a certain time =PMT(interest/12, # of payments, - Beginning balance) So if you bought the milk shake for $2500, wanted to pay it off in 5 years of making monthly payments and your credit cards annual percentage rate is 15%.... =PMT(.15/12, 60, -2500)