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I need a reverse calculator--one that calculates my savings + interest-taxes.

Here's the scenario--I am almost to the point where I think it makes better sense to put my snowball into a savings account. I am at 0% interest and I want to see how much money I would make with it in a snowball.

I need something that will calculate all this with monthly deposits. (EG start at 875, next month 1143, month after that 50...you know what I mean.)

Please, no calculation--I suck at math. An excel spreadsheet works best for me.

tia

b
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You could use the snowball calculator. Just make your monthly payment amounts negative because they'll be making the total balance bigger not smaller.

But really, don't you think it would be easier to take care of your financial future if you could understand simple interest? Get a book out of the library or barter with someone to explain it with you.

- Megan
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But really, don't you think it would be easier to take care of your financial future if you could understand simple interest? Get a book out of the library or barter with someone to explain it with you.

Greetings, Megan, I am betting there would be a crowd of Fools willing to explain simple interest for the asking!

xraymd

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Here's a "should i pay down debt or invest" calculator; the results tell you what your savings would be earning after taxes.

http://partners.leadfusion.com/tools/motleyfool/budget04/tool.fcs

And here's a "how much will my savings be worth" calculator:
http://partners.leadfusion.com/tools/motleyfool/savings02/tool.fcs

mary
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But really, don't you think it would be easier to take care of your financial future if you could understand simple interest? Get a book out of the library or barter with someone to explain it with you.


girl, believe me...i have tried.

in order for me to guarentee I have the right numbers, I am resigned to using programs such as Excel and Quicken.

in the long run, having the right numbers is more reassuring to me than understanding simple interest.

:)

b
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Blepatt,

Here's how to set up an excel spreadsheet to do the calculation. It won't be 100% precise because it just takes into account the month the deposit was made, not the day in the month, but it should be to within a few pennies.

If you want, I can explain what the formulas mean, but your prior posts made it seem that you were just looking for a how-to, and not the reason behind it.

Open a blank Excel sheet.

In cell A1, put in your annual interest rate.
In cell B1, type in "Annual Rate"
In cell A2, type in =(1+$A$1)^(1/12)-1
In cell B2, type in "Monthly Rate"

In Cell A4, type in "Date"
In Cell B4, type in "Deposit"
In Cell C4, type in "Balance"

In A5, A6, A7 etc type in the months (Oct 2005, Nov 2005, Dec 2005 down to the end of your time frame)
In B5, put in "0"
In C5, put in your starting balance
In B6, B7, B8 etc, type in the dollar amount you are adding each month.
In C6, type in the formula =C5*(1+$A$2)+B6
Highlight the cells C6, C7, C8, down to the end of your timeline.
Press "Control + D". This will copy your formula down to the bottom.

By looking at the "Balance" column, you should be able to predict what your balance is in any given month.

HTH,
Snie
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snie added to your Favorite Fools list

thank you so much, snie

b
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