calculate credit card payment and payoff?

Question

i am getting a credit card with a $5000.00 limit which i am going to max out to pay bills. the interest rate is 5.9 % and i plan on paying $300.00 a month to pay it back i will be getting the card in a week a plan on starting payments in september and paying the 300 a month till feburary in which i will use my taxes to pay it off then. i have several questions 1- will they accept the 300 a month or will my payments be higher and 2- in february how much will my payoff be after making 5-$300 payments?

Answer 1

1. Your minimum payment will be around 70 to 80 dollars.
2. 300 x 5 =1500; (Payment times months)
5000 - 1500 = 3500; (Balance minus monthly payments)
3500 + 125 = $3625 ( adjusted balance plus interest)

payoff will be about $3625.

* I used rough math to figure this since it is only 5 months out. It should be pretty close. On a longer timeline this math would not work.

Answer 2

Many people already answered you about the balance u will have on February...

But do remember that if you are late for your payment (even by 1 day) they may increase your interest rate...so be extremely careful when you put such a large amount of balance on your credit card
Max out a credit card is never a good idea because it decreases your credit score

Answer 3

Your first month interest will be about $25 , so only $275 will go to debt and so on each month .
It will depend on how much you keep paying .
They actually want minimum payments because it is the idiots paying lots of %%% that make the card company rich .
You will have about another $3650 in payoff IF
you keep up the $300 payments and charge NOTHING else .

Are you positive you have a $3600 refund coming ?
Many , many people have mis-calculated their refunds .

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Answer 4

While I agree with the last answer. I would pay it in 60/40 sending the most to the smaller bill and getting it closer to paying off. But then at least with you sending in an extra payment you will be getting the interest paid off quicker. Then once you have the other paid off "CUT" it up. (don't close the account, just don't use it for a while). Then take the money you were sending to the smaller card to the larger card. The more payments you send it the quicker you'll have it paid off. Good Luck!!!!!!!

Answer 5

Best made plans...

idea and here is why, if you are irresponsible with credit then that irresponsible nature will take over and come tax reefund time you will find something else to use the money for and then you are in serious credit card debt.

If you get the card and do this then please come back next years and tell us if you really paid it off or not.

Answer 6

dumb idea reason#2, your scores going to drop because you are near your credit limit and it will drop about 70-100 points and also, be careful of maxing it out because with the interest your first bill will calculate the interest and you will owe more and go over the limit and get charged and banged out, my suggestion do 3000 on this card and leave the others

Answer 7

Best made plans...

Dumb idea and here is why, if you are irresponsible with credit then that irresponsible nature will take over and come tax reefund time you will find something else to use the money for and then you are in serious credit card debt.

If you get the card and do this then please come back next years and tell us if you really paid it off or not.

Answer 8

1- Of course they would accept $300 a month. Why wouldn't they?

2-If you pay 300, the remain will be $4700 + 23.13 (interest) = $4723. (sept)
4723.00-300= 4423.13 + 21.76 (i)= 4444.89 (oct)
4444.89-300= 4144.89+ 20.40 (i)= 4165.29 (nov)
4165.29-300= 3865.29 + 19.02 (I)= 3884.31(dec)
3884.31-300= 3584.31+ 17.38(I) = 3601.69 (jan)
3601.69-300=3301.69+ 16.25 (i)= 3317.94 (feb)

By Feb, the remain balance would be $3317.94 if you don't put anymore charges on the account.

Answer 9

Best made plans...