|
|
| *The Commerce Journal>>>Credit |
Making the minimum payment of 2% on a credit card with a balance of $1085.49. Interest on card is 18.99%.? |
Making the minimum payment of 2% of the credit card balance with a balance of $1085.49. Interest on card is 18.99%. How long will it take to payoff the amount only making the minimum payment. interest is coumpounded monthly. The first month no interest is charged. At the end how much will you end up paying with interest. It will be paid off in 4 years and 2 month If my calculations are correct (they may not be!), you'll be paying about $22 a month but the interest added each month will be around $18 a month. You'll only be servicing the debt rather than paying it off - credit card companies make a lot of money this way. It will take a long time (20 - 30 years) to pay the debt if you only pay the minimum so it's better to pay off as much as you can asap. You could switch to a lower or no interest card or contact the company and arrange a repayment plan. Only an absolute fool would do something that stupid. |
| Tags |
| Personal Finance Investing Insurance Credit Corporations Other - Careers & Employment Technology Marketing & Sales |
| Related information |
Haha... All money in all countries is based on a stash, or pile, of gold that they (the government and the country) have. Gold is too heavy to carry and they (the government) don't want... Pay if off all and on time. Yes many people will had bad credit score because of abuse credit card like keep transfer balance from one card to other, and took 4ever to pay it off the statemetn whi... Well if you are unemployed and have no assets, you are pretty much "judgement proof" Yes, they can sue you and get a judgement, but they won't have a way to collect on it (and the... To quote Bud Hibbs on this company: Owners, Spoor, Kazmark and Welch are out buying up old, mostly worthless debts, then calling consumers with threats of immediate lawsuit, garnishment and seiz... Not true. See our Lesson 5 video on ... Hi Aloque, Congratulations on getting married! All Australian banks will lend to someone with permanent residency! If you are after a personal loan, have a good credit history and a good job... This situation is not so cut and dry, and BDancer would have you believe. You didn't mention how long ago you paid, but if it's been 3 months or longer, you can file a dispute with th... No you do not. I work for the Speedway Corporate office in customer service. The Chase Mastercard and the Speedy Rewards card are two separate cards. If you use both cards, you earn even more po... |
Commerce Categories--Copyright/IP Policy--Contact Webmaster |