9 Months Interest Free Credit Cards
What formula calculates the interest paid and months to pay?
My mother just got a credit card and I have fear for her. I made a high school formula that shows how much time he spent in payments on a credit card purchase and the amount of interest you paid. She is the spending money calling it free and only pay the minimum $ 20 per month. I want to show the formula you learned so you can see how long you have to pay things if she does well and show her how much extra money is losing paying the minimum. I have a TI83 calculator with this application that we use but I forgot how to enter information. Here's how I know. April Intro is 0% for 1 year. After that it is 14.9% say that happened to me 2000 dollars with the credit card. I pay 20 monthly payments in dollars. How long does it take to be paid? How much interest am I paying?
I used do this by hand, but forgot how. Here's an online calculator at bankrate.com. They have been around for years and are unreliable. Http: / / www.bankrate.com / calculators / managing-debt / minimum-payment-calculator.aspx Not having all your data, introduced me as close to this that I could get. "It will take 176 months to get rid of your debt. At that time, you will need pay $ 2000.28 in interest. "By the way, this means that the monthly minimum. is $ 45. For other calculators (to calculate the true cost of debt") Http://www.bankrate.com/debt-management.aspx Good luck!
Reduce you DEBT 25%-50% Get out of Debt in 2010 or at least Reduce your Hight Interest Rates!