Credit Card Balance Calculator
How does the Credit Card Balance Calculator work?
This calculator shows 3 methods for paying off a credit card balance on a monthly installment basis given an outstanding balance and an Annual Percentage Rate (APR):
1) Minimum Payment Amount
2) Minimum Percentage Amount
3) Payoff in Years
This calculator has 5 inputs.
What 4 concepts are covered in the Credit Card Balance Calculator?
- annual percentage rate
- the yearly interest generated by a sum that is charged to borrowers or paid to investors.
- credit card balance
- one of the amounts, usually equal, into which a debt is divided for payment at stated intervals over a fixed period
- payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum, at a particular rate