credit card payment calculation?

Question

interest payment

Answer 1

Not sure what you are asking.

Your monthly statement will tell you what your interest rate is and how much interest is added to your account for that month. It will also show you how much the minimum payment is.

Pay more than the minimum payment. In fact paying the balance in full every month is the best. You save on interest and don't run up debt.

Answer 2

Pay more than the minimum as stated above or pay in full. If you would like to see how much you will end up paying if you are only paying minimum payments, take your debt balance and multiply by the APR (21% it would be .21), then divide that answer by 12, that is how much of your minimum payment will be going to interest. Subtract that amount from the minimum payment....the remainder is what is actually going to your balance. Then, divide the balance by that amount. That will give you an estimate. I always subtract approximately 12 months off of the final figure because as your balance goes down, the interest is lower, and more will be going to your balance. Hope this info helps :>)

Answer 3

Okay, let's pretend you have a $1,000 balance and the card that you have carries 7.99% interest. Take $1,000 and multiply it by .0799 and you will get 79.90 (Interest). Now add it to the $1,000 and divide $1,079.90 by 52 weeks and you will get $20.77 for your approximate monthly payment. If you did not use the card and add any thing else to it, it would take you 52 months (4 yrs and 4 months) to pay if off. That is why you want to pay more the minimum payment. The more you pay the principal balance ($1,000) the less you would pay interest.

Answer 4

Pay the total when you receive the bill ,
Then you never have to pay % .

Why flush $$$$ down the commode on % ?
Just pay the thing or else they will post % on the next bill and you will see it plain as day ,
Already calculated .

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