Credit Card Minimum
      Payment Interest


This calculator will show you how much interest you will end up paying if you make only the minimum required payment on your credit card bill -- that is, assuming you stop charging any more to it. And as you will see from the calculated results, it's not just the interest charges you're losing, you're also losing the interest you could be earning on those charges if you were investing them rather than paying them to the credit card company.


This calculator will also tell you how many minimum payments you will make before your balance is paid off (up to a maximum of 600 payments).

 

Note: Somewhere in your credit card disclosure statement the card company will tell you something like "your minimum payment will be 2% of the balance or $10, whichever is higher." These are the figures you will enter in Row #3 and Row #4 respectively.

 

 

 

 

 

 

 

 

http://draketechnologies.com/qAceCivale/customImages/Titlecalculators.gif (5594 bytes) 

TAX
  Tax Estimator

BORROWING
  Loan Amortization
  Loan Comparison
  Missing Loan Term
  Debt  Consolidation

INVESTMENT
  Portfolio Mix
  Compounding Interval
  Single Future Value
  Periodic Future Value
  Savings Time
  Savings Goal
  Lump Sum Savings
  Retirement Savings
  IRA Distributions
  College Funding

MORTGAGE
  Mortgage Qualification
  Bi-Weekly Mortgage
  Mortgage Refinancing
  Payoff Goal
  Rent vs. Buy

BUDGETING
  Net Worth
  Cash Flow
  Expense Percentage
  Wage Conversion
  Irregular Payments
  Credit Card Payment
  Debt Investment
  Average Interest Rate
  Real Hourly Wage
  Lifetime Earnings
  Generic Savings
  Car Cost Comparison
  Transportation Savings

 

Enter the dollar amount charged:

 

$

 

Enter the annual interest rate: %
Enter the minimum percent payment amount: %
Enter the minimum dollar payment amount:$
 

 

Total interest charges you will pay:$
Total number of payments you will make:#
Total number of years until debt is paid off:#
Estimated foregone interest earnings:$
Total Estimated Opportunity Cost:$
 

Summary:

Copyright 1998-2001 Daniel C. Peterson, All Rights Reserved