credit card minimum payment formula
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Need help calculating interest rate.?
My credit card company says I have an APR of 11.99% and I have $4129 that I borrowed.
I want to know what my monthly interest rate is…basically how much more would be getting added to the amount I borrowed. I want to be paying the minimum monthly payment + monthly interest charges + a little extra.
I’ve seen some formulas on google for this, but math is really my weak point so I need some help.
Thanks.
I would recommend looking online for a calculator that can help with this. Most major banks offer calculators for a wide variety of subjects, and there are lots of independent websites with them for fun. Google/Yahoo search for “calculator minimum payment credit card” or something similar to that.