If interest is 20% let's say (I know that's not the best rate, but just for an easy #).
If I charge 10,000$, and I only have to pay $100/ month minimum (let's just say I know it might be more). How do I determine how much of that 100$ goes to the principal balance? Is like $99 of it going to interest ?
If I paid just the minimum, I know it is bad but approximately how long would it take to pay off? 10 years?
I'm just confused about what the 20% refers to. Is that yearly, but I have to pay monthly, so.........pls explain (btw I have a college degree & I'm not dumb! but they never teach you these things in college LOL)
2006-09-20
13:31:14
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0 answers
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asked by
nicolenewcanaan
2
in
Credit