How long will it take to pay off this Credit card debt?
May 05, 2009
in
Credit
Bill P asked:
Have $2,100.00 in credit card debt. The interest rate is 12.99%. The minimum payment is only $41.45. Make a payment of $100.00 per month. How long would it take to pay this debt off, if i continue to make $100.00 payments and not use this card ever again?
Have $2,100.00 in credit card debt. The interest rate is 12.99%. The minimum payment is only $41.45. Make a payment of $100.00 per month. How long would it take to pay this debt off, if i continue to make $100.00 payments and not use this card ever again?
Like this post? Subscribe to my RSS feed and get loads more!
3 comments
Jeff D on May 6, 2009 at 7:45 am
about 24 payments…or two years
Micki on May 6, 2009 at 10:25 am
Try out this website. You enter the balance, interest rate and months on top. The monthly payment is calculated on the bottom. Using this website, if you make payments of $107/month, it’ll take you 22 months to repay this debt.
ashkeithster on May 6, 2009 at 3:41 pm
With a current balance of $2100.00 and with the current interest rate at 12.99% it will take you a total of 24 months to pay off the entire balance.
Total payments would be $2395.87 est
Which will cost you $295.87 in finance charges
hope this helps
You must be logged in to post a comment.