Use A Calculator To See What Would Happen If You Used A Credit Card To Pay The Minimum Monthly Payment. Calculate Using The Following Information: Cost Of Computer (Balance): $600 Annual Percentage Rate (Apr): 12.9% Total Duration Of Payments: 2 Years Use The Simple Interest Formula: A = (P)(R)(T) If You Make Only The Minimum Payment Each Month, What Will The Total Cost Of The Computer Be? $600 $629 $755 $830. It would take more than 19 years to pay off a $10,000 credit card balance if you only paid the minimum, assuming an interest rate of 22% and a minimum payment of 3% of the balance. Remember, the credit card company still requires a minimum payment of.
The calculator also assumes that no further transactions are made on any of the credit cards, minimum payments stay the same, and interest rates are static. This time you want to pay 15% of the oustanding balance each month. Use a calculator to see what would happen if you used a if you make only the minimum payment each month, credit card to pay the minimum monthly payment.
