Excel serves many purposes, from managing loan payments to paying off a credit card. This can be done in a minimal amount of steps.
The first step to do this is to label the first five cells underneath the letter "A" as interest rate, number of periods, present value, future value and payment. This organizes the sheet you are working on and categorizes each important aspect of paying off a credit card.
After labeling "A", your interest rate should be entered in column "B", next to the interest rate cell in "A". The rate must be entered as a decimal divided by 12. This makes the rate into a monthly interest amount, instead of viewing it as a years total.
After entering the rate, determine how much time is needed or desired to pay off the amount. Enter it in the amount of periods, so two years would become 24 months. Enter this in the cell in column "B" next to the number of periods in "A".
Then find the cell next to present amount. In column "B", put the amount owed in this cell. Once this is done, put a zero in column "B" next to the cell labeled future amount. This is to show that the amount will be payed off fully after the amount of periods.
Now the next step is crucial to determine the payment amount. Select the cell in column "B" next to payment, at the left edge of the data entry window there will be a function button, labeled fx. After clicking this, a box will appear to select the function you specifically need.
For a payment, locate the PMT function and click go. You will need to re-enter your column "B" figures in the box that appears after hitting OK, which comes up after go. There will be a "type" field in the box, leave this empty.
After clicking OK a final time, the payment based on your data will appear. This is the payment necessary to pay off a credit card in the time period you specified.