| This calculator
will show you how much interest you will end up paying if you make only
the minimum required payment on your credit card bill. It will also
tell you how many minimum payments you will make before your balance
is paid off (up to a maximum of 600 payments).
Instructions: Somewhere in your credit
card disclosure statement the card company will tell you something like
"your minimum payment will be 2% of the balance or $10, whichever
is higher. These are the figures you will enter in Column C and Column
D respectively. |
Dollar
Amount
Charged |
Annual
Interest
Rate |
C
Minimum
Payment
Percent |
D
Minimum
Minimum
Payment |
|
Interest
Charges |
Number of
Payments |
Total #
of Years |