Comments on: Calculating Average Daily Balance With Free Spreadsheet http://www.ncnblog.com/2008/08/29/calculating-average-daily-balance-with-free-spreadsheet/ Debt Reduction Rocks - We Are Living Debt Free! Sat, 21 Nov 2009 11:44:22 -0800 http://wordpress.org/?v=2.8.6 hourly 1 By: MICHAEL HEDRICK http://www.ncnblog.com/2008/08/29/calculating-average-daily-balance-with-free-spreadsheet/comment-page-1/#comment-162433 MICHAEL HEDRICK Sat, 30 May 2009 08:57:04 +0000 http://www.ncnblog.com/?p=1696#comment-162433 HI Diana, The Bill S. 414 had said originally "No INTEREST CHARGES ON FEES," but I guess I kinda' overstated that when I said "credit card companies will not be allowed to charge interest on fees and interest." Nonetheless, the bills S 414 & HR 627 were merged into HR 627 and went through several forms, but the form that passed is at thins link. http://www.govtrack.us/congress/bill.xpd?bill=h111-627 And this link: http://www.govtrack.us/congress/billtext.xpd?bill=h111-627 Enjoy. PS CREDIT CARD COMPANIES WON'T BE ABLE TO CHARGE YOU INTEREST BACK TO THE ORIGINAL DATE ON WHAT YOU HAVE ALREADY PAID OFF, ACCORDING TO SEC. 102. PG 11. SO I GUESS THEY CAN STILL COMPOUND THE INTEREST, BUT THIS BILL MAKES THINGS A LOT NICER! HI Diana, The Bill S. 414 had said originally “No INTEREST CHARGES ON FEES,” but I guess I kinda’ overstated that when I said “credit card companies will not be allowed to charge interest on fees and interest.” Nonetheless, the bills S 414 & HR 627 were merged into HR 627 and went through several forms, but the form that passed is at thins link.
http://www.govtrack.us/congress/bill.xpd?bill=h111-627
And this link:
http://www.govtrack.us/congress/billtext.xpd?bill=h111-627
Enjoy.
PS CREDIT CARD COMPANIES WON’T BE ABLE TO CHARGE YOU INTEREST BACK TO THE ORIGINAL DATE ON WHAT YOU HAVE ALREADY PAID OFF, ACCORDING TO SEC. 102. PG 11. SO I GUESS THEY CAN STILL COMPOUND THE INTEREST, BUT THIS BILL MAKES THINGS A LOT NICER!

]]> By: Diana http://www.ncnblog.com/2008/08/29/calculating-average-daily-balance-with-free-spreadsheet/comment-page-1/#comment-161823 Diana Mon, 25 May 2009 13:58:46 +0000 http://www.ncnblog.com/?p=1696#comment-161823 Michael, I am confused by a statement that you made in your P.S. You state that"P.S. After H.R. 627 goes into law next year, credit card companies will not be allowed to charge interest on fees and interest." Where did you get this information? I have searched and cannot find that we will not be charged interest on interest. I do hope that you are correct!!!! I found this link to the new "cardholders bill of rights" and the no interest on interest is not there.http://www.billshrink.com/credit-cards/bill-of-rights/#bill1-desc. thanks for any info. Michael, I am confused by a statement that you made in your P.S. You state that”P.S. After H.R. 627 goes into law next year, credit card companies will not be allowed to charge interest on fees and interest.”

Where did you get this information? I have searched and cannot find that we will not be charged interest on interest. I do hope that you are correct!!!!

I found this link to the new “cardholders bill of rights” and the no interest on interest is not there.http://www.billshrink.com/credit-cards/bill-of-rights/#bill1-desc.

thanks for any info.

]]> By: Tariq http://www.ncnblog.com/2008/08/29/calculating-average-daily-balance-with-free-spreadsheet/comment-page-1/#comment-161817 Tariq Mon, 25 May 2009 12:22:48 +0000 http://www.ncnblog.com/?p=1696#comment-161817 Very Helpfull!! Very Helpfull!!

]]> By: MICHAEL HEDRICK http://www.ncnblog.com/2008/08/29/calculating-average-daily-balance-with-free-spreadsheet/comment-page-1/#comment-161365 MICHAEL HEDRICK Fri, 22 May 2009 02:05:45 +0000 http://www.ncnblog.com/?p=1696#comment-161365 I FORGOT TO SAY THAT 7.24% IS A PERCENTAGE AND THEREFORE I ENTER 0.019836 DPR AS 0.00019836 TO BRING IT BACK TO A DECIMAL CALCULATION. I WOULD ASK THAT WHOEVER MADE THE PROGRAM PLEASE E-MAIL ME. THANKS I FORGOT TO SAY THAT 7.24% IS A PERCENTAGE AND THEREFORE I ENTER 0.019836 DPR AS 0.00019836 TO BRING IT BACK TO A DECIMAL CALCULATION. I WOULD ASK THAT WHOEVER MADE THE PROGRAM PLEASE E-MAIL ME.

THANKS

]]> By: MICHAEL HEDRICK http://www.ncnblog.com/2008/08/29/calculating-average-daily-balance-with-free-spreadsheet/comment-page-1/#comment-161362 MICHAEL HEDRICK Fri, 22 May 2009 01:44:00 +0000 http://www.ncnblog.com/?p=1696#comment-161362 Please tell me how to modify the program to calculate compounded interest charges. As the program currently stands, I have to manually enter day one balance and multiply it by 0.019836 DPR same as 7.24%APR for my card, and when finished, the screen looks something like 0.8374837223 in the purchase column and $4,224 [as an example] in the day two column. When you click on the payment column showing 0.83, then it shows the full number 0.8374837223. Therefore, I have to open my calculator program and manually calculate day 2 through day 30 of interest. When I have entered in the DPR for each day in that day's purchase column, then the program calculates everything else perfectly. Note, my card comp. does not add DPR to DAY 1. Please respond. Thanks Michael H. P.S. After H.R. 627 goes into law next year, credit card companies will not be allowed to charge interest on fees and interest. Also, sometimes credit cards will have different APRs on different purchases. [Note for further research.] Please tell me how to modify the program to calculate compounded interest charges. As the program currently stands, I have to manually enter day one balance and multiply it by 0.019836 DPR same as 7.24%APR for my card, and when finished, the screen looks something like 0.8374837223 in the purchase column and $4,224 [as an example] in the day two column. When you click on the payment column showing 0.83, then it shows the full number 0.8374837223. Therefore, I have to open my calculator program and manually calculate day 2 through day 30 of interest. When I have entered in the DPR for each day in that day’s purchase column, then the program calculates everything else perfectly. Note, my card comp. does not add DPR to DAY 1.
Please respond. Thanks Michael H.
P.S. After H.R. 627 goes into law next year, credit card companies will not be allowed to charge interest on fees and interest. Also, sometimes credit cards will have different APRs on different purchases. [Note for further research.]

]]> By: Rock Khosh http://www.ncnblog.com/2008/08/29/calculating-average-daily-balance-with-free-spreadsheet/comment-page-1/#comment-155330 Rock Khosh Thu, 02 Apr 2009 18:50:27 +0000 http://www.ncnblog.com/?p=1696#comment-155330 My begining balance on my Chase card is $4,602.23 on12/29/08 and I made a payment of $92.00 on 01/16/09 and the statement closing date is 01/28/09 with a finance charge of $15.49 calculated on the closing day. The bank showing me an average daily balance of $4,571.33 which I can not figure out how they arrived at it. I would appreciate your help. My begining balance on my Chase card is $4,602.23 on12/29/08 and I made a payment of $92.00 on 01/16/09 and the statement closing date is 01/28/09 with a finance charge of $15.49 calculated on the closing day. The bank showing me an average daily balance of $4,571.33 which I can not figure out how they arrived at it. I would appreciate your help.

]]> By: An American in France http://www.ncnblog.com/2008/08/29/calculating-average-daily-balance-with-free-spreadsheet/comment-page-1/#comment-145644 An American in France Thu, 05 Feb 2009 00:23:00 +0000 http://www.ncnblog.com/?p=1696#comment-145644 Thanks for the Spreadsheet and thank you for making it available for Open Office --- yet another way to save money since Open Office is free! Thanks for the Spreadsheet and thank you for making it available for Open Office — yet another way to save money since Open Office is free!

]]> By: Shilps http://www.ncnblog.com/2008/08/29/calculating-average-daily-balance-with-free-spreadsheet/comment-page-1/#comment-131574 Shilps Mon, 13 Oct 2008 21:08:44 +0000 http://www.ncnblog.com/?p=1696#comment-131574 Thanx for the spreadsheet. Just the thing I was looking around for long time. Thanx again :) Thanx for the spreadsheet. Just the thing I was looking around for long time. Thanx again :)

]]> By: Savings http://www.ncnblog.com/2008/08/29/calculating-average-daily-balance-with-free-spreadsheet/comment-page-1/#comment-128446 Savings Tue, 09 Sep 2008 00:08:44 +0000 http://www.ncnblog.com/?p=1696#comment-128446 Great piece of resource.I have just downloaded the SS and can be quiet useful in one's daily financial life. Great site as well. Great piece of resource.I have just downloaded the SS and can be quiet useful in one’s daily financial life.

Great site as well.

]]> By: ahc99 http://www.ncnblog.com/2008/08/29/calculating-average-daily-balance-with-free-spreadsheet/comment-page-1/#comment-128318 ahc99 Sun, 07 Sep 2008 16:12:28 +0000 http://www.ncnblog.com/?p=1696#comment-128318 Thanks for providing this spreadsheet. It's also useful for figuring out how much interest you should be making from the bank. Thanks for providing this spreadsheet. It’s also useful for figuring out how much interest you should be making from the bank.

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