Credit Card Calculator
The minimum payment on your credit card is usually either a
percentage of the current balance (2% - 5%) or a minimum fixed dollar
amount (like $15.00), whichever is greater. The minimum payment might
also be defined as the interest plus a percentage of the current
balance. Check the fine print on your credit card agreement to determine
how your credit card company defines your minimum payment.This is the minimum possible payment that you could make to avoid
having your balance increase. But, if you only only pay the interest
month-to-month, you'll never pay off the credit card. The basic
calculation for the monthly interest-only payment is:(Annual Rate / 12) * BalanceIf your interest rate was 18%, then the monthly interest rate would be approximately Credit cards are a type of revolving line of credit that don't have a specific
period defined. So, to ensure that each payment includes interest plus
some portion of the principal, the minimum payment is defined as a
percentage that is greater than the monthly interest rate. This
percentage will usually be between 2% and
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