credit card minimum payment interest calculator
Annual Percentage Rate (APR) and Effective APR
credit card question ?
How do credit cards market their product ?
If a person charges on a credit card (other than American Express) 1,000 dollars on June 1, 2010 and pays the minimum payment each time, how long will it take to pay off the entire amount? What is the variable here? How much, in total, does the person pay for the loan, including the original 1,000 dollars. Calculate this amount using 4%, 10% and 18% as the interest rate. ( Credit card websites have calculators to help.)
Go to bankrate.com and type in the search box
credit card calculator with minimum payment
Or google credit card calculator with minimum payment
After you get your min payment try googling
credit card calculator (without the words minimum payment), so you can see how much you will pay back over the course of the loan.
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