Monthly Interest Calculating Incorrectly - Debt Progress

Google Sheets
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I added the DEBT PROGRESS sheet yesterday… Populated my accounts i want to pay off using a snowball tactic… and this is not working, i believe due to the math being incorrect in the spreadsheet… but surely if that were the case everyone would have problems and the folks at Tiller said to post here because they have not heard any major concerns:

this is the cell’s function:
=if(G8="","",if(G8<=0,“PAID!”,if(G8C8<=0,0,G8C8/12)))

and its calculating MONTHLY interests… except this is NOT correct… the debt progress sheet displays a warning saying it would take over 50 years to pay down the interest unless i make $2M monthly payments. . .

I have refreshed it from Tiller side bar… same result. Incorrect function possibly??

any fixes?

Thank you!!

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so… not knowing the BEST way to formulate this… wouldn’t monthly interest rate be the interest rate… divided by 12… (thats in there, but its in whole numbers NOT percentages…)… .so the calculate function would either need to change the interest rate into .000 first (or human data entry in that 0.05 for 5%) fixes this… OR if you like to enter whole numbers for interest rate - you can make the function:

=if(G8="","",if(G8<=0,“PAID!”,if(G8C8<=0,0,G8C8/12/100)))

SO i seem to have solved this… sorry to waste your time BUT - if someone else jumps into the spreadsheet without reading the rules of data entry… here’s the answer :slight_smile:

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