I'm transferring a balance from one card to another. The interest rate on the new card is 0%. How do I calculate the minimum payment? For example, if I transer $2000, what should I expect the monthly payment to be?
2007-01-06 13:21:37 · 7 answers · asked by Michael JB 3 in Business & Finance ➔ Credit
The 0% APR is indeed an introductory rate for 12 months. After I figure out the payment at 0%, I can forecast the balance at 12 months and the new payment at the regular rate until the balance is paid off. Thanks in advance.
2007-01-06 13:40:21 · update #1
If you want to transfer $2,000 with 0% interest for 12 months and plan to pay it off during that time then just divide $2,000 by 12 which will be $166.67 per month rounded up.
2007-01-06 14:18:18 · answer #1 · answered by Flyby 6 · 0⤊ 0⤋
Like a previous writer suggested ... it will only stay at 0% for 6 months to a year, so try and get it paid off fast. But for calculation sake it is currently about 2% of the total due ... or in your case it shouldn't be any more than about $40 a month.
2007-01-06 13:34:50 · answer #2 · answered by Informed1 4 · 0⤊ 0⤋
The card sets a percent of balance usually as the minimum payment. this amount will go down as the balance goes down the repayment terms are held in the required "truth in lending discloser" that you will find on the credit cards discloser forms that come with the card.
2007-01-06 14:55:28 · answer #3 · answered by inastateofshock 2 · 0⤊ 0⤋
Something like 2000/36=$55 or 2000/24=$83.
Also, read the fine print. I'm sure the 0% is not forever.
2007-01-06 13:25:54 · answer #4 · answered by Bryan J 4 · 0⤊ 0⤋
an extremely small share of the "wild" quantity you charged. Plus $a million minimum finance fee. actual.... you probably did not provide adequate data... "I went somewhat wild" might desire to propose $a hundred and then your min. charge is probable $12. or it might desire to propose $3000 and a minimum charge it fairly is a lot greater and a word out of your CC business enterprise that they only reconsidered and not grant the 0% APR because of the fact which you're scaring them to dying...
2016-12-15 17:36:16 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You need to find out what the payment factor is? if your PF is 2.5% than its 2.5% of the total amount which is $50.00 usually credit cards are 2.5% to 3%
2007-01-06 13:31:51 · answer #6 · answered by Bellatres 2 · 0⤊ 0⤋
It would be in the hundreds mark....somewhere around like a 100 or more a month maybe...
2007-01-06 13:24:47 · answer #7 · answered by Anonymous · 0⤊ 0⤋