Question about credit card minimum monthly payment.. need math sexperts here

[BreadLover]

Pls help unker here calculate..

Bill : $5000
PA Interest : 24% p.a compouded


Lets say I only make the min payment (3%) for the following bill cycle = $150


However I intend to clear the bill within 3 months so how much interest must i need to pay? Or is it die die need to pay across 1 year in order to clock the full PA interest?

 

[jdepaul2]

do yourself a favor

cancel the card

 

[Retrohelix]

Pay in full and ask them to fug off. Don't ever get caught paying credit card interest.

 

[Geneco]

Thank you for contributing to the rewards and cashback of other users...

 

[BreadLover]

Pay in full and ask them to fug off. Don't ever get caught paying credit card interest.

i just wanna see the calculation nia..

 

[Bunknifer]

24% PA = 2% monthly
2% of $5000 = $100

if u pay only min of $150 … means $100 goes to paying the interest and $50 clearing your capital. Or outstanding sum.

almost you cleared nothing … just whole life paying for interest.

 

[DragonFire]

24% PA = 2% monthly
2% of $5000 = $100

if u pay only min of $150 … means $100 goes to paying the interest and $50 clearing your capital. Or outstanding sum.

almost you cleared nothing … just whole life paying for interest.

Is the compounding computed on monthly outstanding?

 

[Mystyque]

Pls help unker here calculate..

Bill : $5000
PA Interest : 24% p.a compouded


Lets say I only make the min payment (3%) for the following bill cycle = $150


However I intend to clear the bill within 3 months so how much interest must i need to pay? Or is it die die need to pay across 1 year in order to clock the full PA interest?

Please just clear it as fast as you can. Why on earth would you want to clock the full PA interest?

 

[exterminazn]

Uncle is boomer?

 

[whuttt]

First time use credit card?

 

[Orobas]

Anyone who is good at math will not owe credit card bill and pay the interest.

 

[sanbecky]

If u really need short term cash, use balance transfer better, interest lower....

 

[bobafettup]

another person in debt?

 

[Stroganoff]

TS cancel your card and use the interest save to sign up for a excel course to tabulate your query