How to Calculate the Credit Card Interest in Excel – 3 Steps

To calculate the interest on a credit card you need to know the Current Balance, Minimum Payment Percentage, and Annual Interest Rate.

This is the credit card statement:

Step 1 – Calculate the Monthly Interest Amount to Find the Credit Card Interest

Calculate the monthly interest amount.

• Enter the following formula.

• Press ENTER to see the monthly interest amount for the Visa credit card.

• Drag the Fill Handle to the right to apply the formula to the Mastercard credit card.

• This is the output.

Read More: How to Calculate Interest on a Loan in Excel

Step 2 – Find the New Balance to be Paid to Calculate the Credit Card Interest

• Enter the formula.

• Press ENTER to see the New Balance for the Visa credit card.

• Drag the Fill Handle to the right to apply the formula to the Mastercard credit card. You will get the New Balance.

Step 3 – Calculate the New Balance to be Paid in Excel

• Enter the formula.

• Press ENTER to see the Total Payment for both credit cards.

Quick Notes

Initial Balance, Monthly Interest Amount, and Minimum Payment must be in Currency format. The Annual Interest Rate must be in Percentage format: Select a cell and right-click it. Select Format Cells. Choose Currency or Percentage format.

Download Practice Workbook

Download the practice workbook.

Related Articles

• How to Calculate Home Loan Interest in Excel
• How to Calculate Gold Loan Interest in Excel
• How to Calculate Principal and Interest on a Loan in Excel
• How to Calculate Accrued Interest on Fixed Deposit in Excel
• How to Calculate Accrued Interest on a Bond in Excel
• How to Calculate Accrued Interest on a Loan in Excel

<< Go Back to Excel for Finance | Learn Excel