Hi Richard, for the credit card example, it says the (# of) Payments Required is
99.8527. However, if you make a chart with Column 1 being Period, Column 2 being Total, Column 3 being Plus Interest and Column 4 being You Pay,
with Column 1 just AutoFilled down, Column 4 being a bunch of 100's, Column 2 starting at 5000 in Period 0 and for each subsequent period doing = the previous period's Plus Interest - the current period's You Pay (100), and Column 3 being =Total+(Total*(Rate/12)), you only get 59 months, rather than 99.8. Can you explain why this method doesn't arrive at the same result as the NPER formula? i.e. Is the notion of adding the Interest to the new Total (after removing the previous 100) incorrect? Thanks a lot for clarifying that!