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23 views4 pages

Credit New 2

Uploaded by

api-308646112
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLS, PDF, TXT or read online on Scribd
You are on page 1/ 4

Use the online "minimum payment calculator" link below to figure out how much total interest

someone would pay, the number of payments and years it would take to pay off the credit card
debt a person would incur with the following purchases:

http://www.bankrate.com/calculators/managing-debt/minimum-payment-calculator.aspx
amount

interest

minimum or monthly payment

820

18%

2%

820
820

18% $
18% $

amount
interest
minimum or monthly payment
2000
18%
2000
2000

amount

18% $
18% $

interest

40.00
60.00

2%
40.00
60.00

minimum or monthly payment

200

18%

200
200

18% $
18% $

2%
40.00
60.00

If you buy at Leons Don't Pay a cent and you cannot pay on time, you will pay interest, like
amount
interest
minimum or monthly payment
1500
18%
1500

18% $

2%
40.00

1500

18% $

60.00

Assume someone has purchased all of these items on credit. Calculate the total amount of
interest they would have paid. (add them all up)
minimum or monthly payment
2%
$
$

40.00
60.00

You don't want to be this person, do you?


no

how much total interest


o pay off the credit card

culator.aspx
Total interest charges
# of payments
years to pay off
$856.73
111 9 years 3 months
$167.25
$104.63

25 2 years 1 month
16 1 year 4 months

Total interest charges


# of payments
years to pay off
$1,724.47
94 7.8 years
1,724.47
$793.44

94 7 years 10 months
$47.00 3 years 11 months

Total interest charges


# of payments
$9.51
$9.51
$6.82

years to pay off


6 6 months
6 6 months
4 4 months

you will pay interest, like a credit card


Total interest charges
# of payments
years to pay off
$721.04
56 4.6 years
$721.04

56 4.6 years

$394.19

he total amount of
Total interest charges
$3,311.75

on, do you?

$2,622.27
$1,299.08

32 2 years 8 months

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