Finance
Work out monthly credit card interest
=B1*B2/12How it works in Excel
- B1 is the balance.
- B2 is the yearly rate.
- Dividing by 12 gives one month.
- Card companies usually work this out daily, so your statement may differ a little.
The idea in general
Each month, a twelfth of the yearly rate is charged on what you owe.
What I assumed
- The balance is in B1 and the yearly rate is in B2.
Check the result on your own data before relying on it.