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kingsfan4evr24 | My first credit card...need help claculating payments? |
ok ive asked a majority of people this issue. i owe 600 dollars on my credit card i want to pay 100 dollars a month on it til its paid off. my credit card rate is 19%. some people say if u pay 100 dolalrs youd owe 500 + 19% which is like 98 dollars so youd basically owe the same the next month. other tell me if you pay 100 youd owe 500 x 19% /12(because its APR) so the follwoing month youd owe $507 dolalrs the next month im confused how does it actually work. |
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lisa s
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I have no idea why no one answered your question!
I didnt do so well in math BUT
since you know what 10% of 600 is (60 bucks) then you can easily figure out what 20% is. (120) so you can assume that it is more likely to be calculated in the way that your friend suggested since it is highly unlikely that you will owe 100 bucks or more in interest each month on such a msall amount!
your statement should come soon and it will be all spelled out right there on the bill.
Whatever the minimum is, be sure to pay more than that. Even if it is only 10 bucks try to pay more!
since the extra will go directly to the principal.
Congrats on your first card. I know that you will do just fine.
**************
UPDATE
I found a really neat debt calculator on the cnn website here is the link to it. YOu can put in your amount and your interest rate and it will tell you how long it will take you to pay it off if you pay a fixed amount! |
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yaguru
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forget all of that nonsence. Pay the $600 asap and never carry a balance again. |
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Yahoo Sucks!
 |
Why not try the "all down, nothing a month" plan . . . never carry a balance. |
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RantingLover
 |
http://www.bankrate.com/brm/calc/MinPayment.asp?ccBalance=600&ccArate=19&ratio=I%2B1&ccMinPayment=15.41&ccPayment=100&paymentType=high&Submit=Calculate
One percent of the balance plus interest, plus any fees. |
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bdancer222
|
Your annual interest rate is 19%. You divide that by 12 to get the monthly interest rate. Multiply that times the $600 to get approximate interest for the month. Add the interest to the $600 and subtract your $100 payment. That should be your balance for the next month -- approximately.
You interest is actually calculated on the average daily balance. To get the precise figures, you would have to add up each day's balance, then divide by the number of days. Getting a little too complicated?
Best thing is to pay off the credit card as quickly as possible. If you only charge what you can afford to pay in full every month, you'll be much better off. |
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Shanizzel
 |
its the amount u own times the apr, then divided by 12 to get the interest you would be billed for if you carried a balance. But that won't be your minium payment. |
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da_e_knows
 |
your first credit card? run for your life! |
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Rick B
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If you have a 19% interest rate, you need to pay ALL of it this month and not use it again. That is outrageous. You should use this only for dire emergencies, and you should pay it in FULL. |
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Lavender L
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Call your credit card company and ask for a lower rate. The Fed just cut rate 2x in the past 30 days, 19% is ridiciously high. If your current cc company doesn't want to lower your rate, go to another cc company and tell them that you want to transfer your 600 balance from your current CC company, and ask their rate. I am pretty sure the new CC company will give you a better deal. Then pay the balance off ASAP. |
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TOM
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If you have the discipline to pay in full you must have the cash. Dun & Bradstreet did a little piece of research that is really interesting. It said if you pay cash you spend 12-18 percent less because it hurts. When you go to dinner and you lay down a $50 bill, when they don't bring much back, you realize you bought dinner. When you do that with a credit card, you do not emotionally register the expenditure and tend to spend more. You'll spend more, by far, than you would ever get back in "brownie points." Most brownie points aren't that usable anyway. I'm on a tube with wings all the time, and I have enough frequent flyer miles to choke a horse, but Jupiter's got to be aligned with Mars to use them. Everyone thinks they are going to beat up Discover card, but 78 percent of the people do not pay their plastic off every month. You cannot play with a multi-billion dollar corporation at their game and think you're gonna win. Play with snakes and you're gonna get bit. I use a Visa debit card when I travel. I use cash for everything else. |
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helder4u
 |
I believe the interest rate is accounted per full Year.
So the second opinion should be accurate
This means 19% annuity becomes roughly a little less then 1.6% per month,
(19% divided by 12).
If You owe $600 the interest that month should amount to $9;50 dollars ($600 times1.6% for one months interest rate) .
Pay off $109;50 and you now owe $500 left to pay off next month plus little less then $8 dollars interest of remaining $500..
Pay $108, now You owe $400 and so forth four months more when You reach null.
The faster You pay, the cheaper You get of the hook.. |
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