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Credit
Card Minimum Payment Interest Calculator V2
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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. After seeing the
shocking figures this calculator will generate, I doubt you'll want to
continue allowing the credit card companies to build your
swimming pool in their backyards. 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!
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.
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Enter the
dollar amount charged:
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Enter the
annual interest rate:
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(3) Enter
the minimum percent payment amount:
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(4) Enter
the minimum dollar payment amount:
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Total
interest charges you will pay:
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Total
number of payments you will make:
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Total
number of years until debt is paid off:
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Estimated
foregone interest earnings:
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Total
Estimated Opportunity Cost:
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Summary:
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