Using the ROUND function in Excel

[oregon789]

Can anyone tell me how I would modify the formulas for both the interest calculations and the payment calculations to round those
calculated values to two decimal places using the ROUND function in excel? I've attached a photo of my table. I've been playing with the function and trying to google help videos but there isn't anything using credit card examples. If someone can just type out how I would do it for the first numbers I can finish the rest.

 

[oregon789]

Can't read your "attachment"...

Do you mean rounding the pennies:
100.023... = 100.02
100.027... = 100.03
???

So for instance, in cell B11, my formula to get that number was =PRODUCT ($B$3, B11)

How do I change that formula using ROUND?

 

[oregon789]

Initial Debt 5000
Yearly Rate 18%
Monthly Rate 1.50%
Payment Percentage 2.00%
Minimum Payment $10.00

A B C D E F
Month/ Balance at Start of month Interest charged Balance on bill Payment New balance

4 4705.96 70.59 4776.55 94.12 4682.43
5 4681.02 70.22 4751.24 93.62 4657.61
6 4656.21 69.84 4726.05 93.12 4632.93
7 4631.53 69.47 4701.00 92.63 4608.37


So typing this all in Excel, my column C's formula is PRODUCT(B3, C11). B3 is the 1.50%

I'm supposed to modify column C and E using the ROUND function to get the values to two decimal places.

 

[ksdhart2]

Well, ROUND is just a function in Excel. You'd use it in exactly the same way you'd use PRODUCT. Did you try reading the help page associated with it? Here's what it says:

ROUND(number, num_digits)

Rounds a number to the specified number of digits

What does that suggest to you about how you might use it? Recall that you can nest functions together. What if instead of "number" being an actual number, it was itself a function? Where does that lead you?

 

[mmm4444bot]

I told you we can't read your attachment.

Try clicking the image, Denis. (I can read the larger version.) :cool:

 

[oregon789]

Well, ROUND is just a function in Excel. You'd use it in exactly the same way you'd use PRODUCT. Did you try reading the help page associated with it? Here's what it says:



What does that suggest to you about how you might use it? Recall that you can nest functions together. What if instead of "number" being an actual number, it was itself a function? Where does that lead you?

Umm well I already tried =ROUND(PRODUCT(70.59,2)) and that did nothing, just changed it to .02 I think. I also tried just ROUND by itself with those numbers and it didn't do that. And yes, I've read how to use it... posting here was only because I can't figure it out still even after looking up videos. None of the examples deals with credit card numbers.

 

[oregon789]

Try clicking the image, Denis. (I can read the larger version.) :cool:

lol thank you! I was wondering what happened with uploading it and hoping it wasn't my computer.

 

[oregon789]

Something is wrong somewhere; that should be:

MTH PAYMENT INTEREST   BALANCE
 0                     4705.96
 1   -94.12    70.59   4682.43
 2   -93.65    70.24   4659.02
 3   -93.18    69.88   4635.72
 4   -92.71    69.54   4612.55

Your opening balances are not equal to previous ending balances.

Also, if 5000 was initial debt, how did that reduce to
4705.96 after 3 months?

I should've added for the first 3 months there was no interest charged.
I go further than month 4, I just included it up to month 4 to give some context

 

[jonah2.0]

Beer soaked ramblings follow.
Love to help but me laptop just died.
Dwelled on this excel rounding thingamajig a lot too.
Methinks I sent myself some excel files, but too lazy now to check.