HOW LONG WOULD IT TAKE TO PAY OFF A CREDIT CARD BALANCE OF $1000if you paythe MINIMUM OF $35 A MONTH AT A FLAT

0 ⤊

HOW LONG WOULD IT TAKE TO PAY OFF A CREDIT CARD BALANCE OF $1000if you paythe MINIMUM OF $35 A MONTH AT A FLAT

yearly interest rate of 18%

please help out you guys i really dont understand this stuff....and can you explain how you cam up with this answer? i really really need help

2007-02-01 04:19:08 · 2 answers · asked by sweetie 1 in Business & Finance ➔ Personal Finance

2 answers

3.1 years, I used a calculator on bankrate.com.

2007-02-01 04:35:42 · answer #1 · answered by jean 4 · 0⤊ 0⤋

I hope this isn't your plan of action...18% interest is high, and $180 the first year is money you don't have for other things.

The credit card loves people who only pay the minimum, that is why they make billions per year.

Stop spending, and pay as fast as you can.

2007-02-01 12:41:30 · answer #2 · answered by bob shark 7 · 0⤊ 1⤋