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A title for these calculator
results that will help you identify it if you have printed out several
versions of the calculator.
Your current outstanding balance on this credit card.
The current annual interest
rate charged for the outstanding balance on this credit card. You may
actually have different interest rates for different balance amounts.
This could happen if part of your balance came from a cash advance
(many credit cards charge a higher interest rate and no grace period
for cash advances), or if you made some purchases during a lower
percentage promotion period, or maybe you transferred the balance from
another credit card for a special low interest rate promotion.
The amount you will pay
each month. (You will continue to pay this much each month regardless
of what your statement shows as the 'Amount Due'.) You will want to
make sure this amount covers your required payment, especially in the
early months and with the new 2006 federal government guidelines.
Enter the desired number of years and/or months when the balance should be paid.
Pay this amount on your credit
card each month to have it paid by 'Payoff Time'. Compare this amount
with your credit card statement's Amount Due and pay whichever is
greater (especially in the early months and with the new 2006 federal
The number of years and
months it will take to pay off this credit card balance. This is the
'Number of Payments' expressed in years and months. Note: If the
'Minimum Monthly Payment' you entered is equal to the calculated
'Payment Amount', 'Actual Payoff Time' may be less than the 'Payoff
Time' you entered.
You will make this many payments to pay off this credit card balance.
Total amount of interest you will have paid to get this credit card balance paid off.
Total amount of principal + interest you will have paid when this credit card balance is paid off.
The amount of money you will pay each year for this loan.
When checked, a section will appear below the calculator showing the complete amortization table.
LoanAmount * (Rate / 12) / (1 - (1 + (Rate / 12))-Months)
$91.51 = $3,000.00 * (0.1450 / 12) / (1 - (1 + (0.1450 / 12))-42)
3 Yrs 6 Mths = (Previous Number of Monthly Payments + 1 each month until Balance = 0) / 12 [to convert to years and months]
42 = Previous Number of Monthly Payments + 1 each month until Balance = 0
Credit Card Balance + Total Interest
$3,842.96 = $3,000.00 + $842.96
$842.96 = Previous Month's Total Interest + (Month's Beginning Balance * (Rate / 12)) each month until Balance = 0
Monthly Payment * 12
$1,098.12 = $91.51 * 12