How do you calculate the minimum payment of monthly credit card?
402786
It depends on the credit card.\n\nMost credit cards require 2% or 4% of the outstanding balance.\n\nTo calculate it, multiply:\n(% of outstanding balance) x (oustanding balance).\n\nFor example, if you owe $3000, and your credit card company required a 4% balance payment, then you'd multiply:\n$3000 x 4% = $120\n\nAlso, many credit card companies round up to the nearest $1, $5, or $10.
733124
No, all it show is what the minimum payment is and the new balance.  Balances are what is important if you are concerned with your credit score.  Any revolving acct that has more then 50% of the balance used will impact your credit score
890824
I haven't seen the original question, but I'm guessing that $817 must be added to $9999 to find the total amount interest is being charged on. If my guess is correct, then p = 10816.  Use t=3.  You only need to use 36 months if, after working out the interest, you have to calculate a monthly payment.  You would then add the interest to p, and divide by 36 to find the monthly repayment.
1042747
Call my friend Gary Coleman over at 800 Cash Call.  He'll put $10,000.00 in your checking account in less than 24 hours.  Payments???  About $200.00 a month.  Even you could afford that!  Make the call, get the cash.... tell the credit card people to take a hike, you have money!
85567
Use this calculator, http://www.dinkytown.com/java/MortgagePayoff.html\n\nThe site has all kinds of different financial calculators.
1089232
Your payment and term depends on the creditors that you have. Each quote is a pretty good estimate of what you might be able to pay as a minimum. Some creditors require a minimum payment through a DMP of 3% of your balance. Others may only require 2% or 2.2%. For this reason, you should not expect to find a company that offers substantial savings on a DMP than what you have already been quoted. Also, be careful of fees. Most reputable agencies charge around $30 a month. Some charge much more and have set up fees also.\n\nThere may be some variance between quotes, but I would be very careful about the lower quotes. They may underestimate your minimum payment and inform you later of required increases in your payment. This is always a possibility, but it is better and cheaper to begin with the most accurate quote.\n\nWhatever you do, make sure the company you choose has a satisfactory rating with the Better Business Bureau.\n\nYour individual situation will dictate what options you have. You may have several, depending on your debt, the number and type of accounts and your budget. There may be options with or without a DMP.
287928
The bottom line is you need to know some terms before agreeing to either the credit or debit card. You should know as a minimum: \n\nCredit Cards\n1)the annual percentage rate(apr) _ The annual percentage rate--APR--is the way of stating the interest rate you will pay if you carry over a balance, take out a cash advance, or transfer a balance from another card. The APR states the interest rate as a yearly rate. )\n\n2)grace period to pay the full balance without being charged interest(The grace period is the number of days you have to pay your bill in full without triggering a finance charge. For example, the credit card company may say that you have “25 days from the statement date, provided you paid your previous balance in full by the due date.” The statement date is given on the bill. )\n\n3)if there are any fees(Most credit cards charge fees under certain circumstances eg annual fee, cash advance fee))\n\n4)how finance charges are calculated (The finance charge is the dollar amount you pay to use credit. The amount depends in part on your outstanding balance and the APR. )\n\n5)if there are any transaction charges for such things as balance transfer, late payments, cash advance, going over your limit, etc. \n\n6) Credit limit (The credit limit is the maximum total amount--for purchases, cash advances, balance transfers, fees, and finance charges-you may charge on your credit card. If you go over this limit, you may have to pay an “over-the-credit-limit fee.")\n\n\nDebit Cards\nWhen you pay with a debit card, the money is automatically deducted from your checking account. \nMany people prefer debit cards over checks for two reasons:\n\n-You don't have to carry your checkbook and present identification, but are still able to make purchases directly from your checking account. \n-You pay your bills immediately, unlike when you use a credit card and get the bill later.
203647
A quick Yahoo search came up with this.\n\nUnder pressure from the Office of the Comptroller of the Currency (which regulates national banks), the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of Thrift Supervision, some national banks will soon be increasing minimum monthly credit card payments so they are closer to 4% rather than the current average of around 2%. Some major banks have already increased the minimum payments and others are about to follow suit.\n\nTherefore, if you have a $5000 balance, you used to have a minimum payment of $100.  Now it's increased to $200.
771730
You will have to read the information that the credit card company sends you. The way it is applied can vary by company and depends on if you pay the bill in full or not. They may divide the rate by 365 and apply it daily or divide it by 12 and apply it monthly.
1010277
4 cards.\n\nCitibank Mastercard - no balance.  Pays back 5% on gas, supermarket and drugstore purchases, 1% on everything else.  I get the maximum $300 cash back out of this card every year.\n\nChase Mastercard - no balance.  Pays back 1% on everything.  I usually get $100-200 cash back on this card every year.\n\nWescom Credit Union Visa - no balance.  I only use this card when I travel overseas because it doesn't have a 3% service charge for currency exchanges like the other cards I have.\n\nChase Visa - carrying an $9K balance at 0% interest (introductory 1st year offer).  I took out a $11K cash advance (cost me $75) and put the money into a CD paying 4.75% interest.  When the year is up, I'll pay off the card and keep the interest earned.  Net gain: $447.50 before taxes.\n\nBasically, once you get out of the hole, credit cards can be a good tool for generating extra money on stuff that you're going to buy anyway.  The main thing is to keep tight control on your spending.  If you can't afford to pay off the card every month, you probably shouldn't buying the item.\n\nMost people make the mistake of believing that credit cards stretch their money because they can buy things they can't normally afford.  But that's a mistake.  The reality is that you not only have to pay for whatever you purchased, you also have pay interest on top of that.\n\nCredit card companies offer deals to lure people in.  The key is to make those deals work for you, instead of falling into their trap.  The company will lose money on you, but they don't really care because they'll more than make up their losses on you by profiting from those who get can't control their spending.  So take control of your life and get yourself out of the hole.  You can do it and once you do, you'll be amazed at how much extra money you'll have because your earnings are not being dragged down by interest payments.\n\nThere a bunch of us money geeks who discuss this stuff all the time, so much that one guy started a Web site for such discussions.  There's no membership, no fees to pay, nothing being sold.  Just a bunch of people talking about how to save money and invest.  Check out the link below and if you have questions, don't be shy.  Feel free to ask anything you like.
751923
Depending on the balance that you have your finace charges may effect your minimum payment. Also federal credit laws were recently changed that effected what the minimum payment will be. \n\nThey raised minimum payments. as to let people actually pay off their credit cards instead of letting the interest keep accumulating.
1095013
From a pure mathematical standpoint, the quickest (and cheapest) way to pay off credit cards is to pay off the cards with the highest interest first.  This is because as your balance with the highest rate diminishes, the amount of interest accrued on the remaining balance diminishes as well.\n\nHowever, many advocate the "debt snowball" which endorses paying the card with the lowest balance first, then moving progressively to the next highest balance as each card is paid off.  This works for some people from a psychological standpoint because they see quicker results as each card is eliminated.  For some, it has been the only method that worked.  There is no doubt, however, that you will pay more money overall through this method, all other things being equal.  This method is most closely identified with Dave Ramsey.\n\nNegotiating with all the credit card companies for a lower interest rate is a good idea.  If they are not interested in lowering the rate, you can bluff them by threatening to transfer your balance to a lower interest card.\n\nBalance transfers are a tricky thing.  In many cases, a credit card company will assess a charge for a balance transfer.  Make sure that you read the fine print before doing this.  Also, some cards have a separate interest rate for balance transfers vs. purchases.  Do not be fooled.  Good luck!
139495
Let's define some variables for the equation.\n\nD = monthly deposit ($200)\nr = annual interest rate (10% is 0.1)\nn = compound frequency (12 months in a year)\nA = account balance\ni = compounded interest\n\nLet's start the account this month, or month 0.\n\nA(0) = D\n\nOne month later, you make another deposit and earn some interest. But you only earn 1/12 of the 10% with you existing balance, which is r/12.  \n\nA(1) = D + A(0) + i(1)\n\nwhere, i(1) = A(0) * r/n. Which makes\n\nA(1) = D + A(0) + A(0) * r/n , or\nA(1) = D + A(0) * (1 + r/n ), or\nA(1) = D + A(0)*R, if R = 1 + r/n, but A(0) is D, so\nA(1) = D + D*R\n\nTwo months later, you make another deposit and earn some interest on the balance A(1). Similarly calculating,\n\nA(2) = D + A(1) * R, or\nA(2) = D + (D + D*R) * R, or\nA(2) = D + D*R + D*R^2\n\nKeep on going to three months later, \n\nA(3) = D + A(2) * R, or\nA(3) = D + D*R + D*R^2 + D*R^3, or\nA(3) = D * (1 + R + R^2 + R^3)\n\nFollowing this pattern, k months later, we get\n\nA(k) = D * (1 + R + R^2 + ... + R^k)\n\nNow, let's calculate the general expression (1 + R + R^2 + ... + R^k) in a closed form.\n\nLet S = (1 + R + R^2 + ... + R^k). Multiply R on both sides, we get\nS*R = (1 + R + R^2 + ... + R^k) * R, or\nS*R = R + R^2 + ... + R^k + R^(k + 1)\n\nSubtracting the two equations S*R and S on both sides, we get\n\nS*R - S = R + R^2 + ... + R^k + R^(k + 1)  - (1 + R + R^2 + ... + R^k)\n\nNotice the terms R all the way through R^k on the right hand side are cancelled and only left with R^(k + 1) - 1. So we have,\n\nS*R - S = S(R - 1) = R^(k + 1) - 1\n\nDividing (R - 1) on both side, we get\n\nS = [R^(k + 1) - 1] / (R - 1)\n\nRewriting the account balance at month k,\n\nA(k) = D * (1 + R + R^2 + ... + R^k), or\nA(k) = D*S = D * [R^(k + 1) - 1] / (R - 1)\n\nNow, 26 years make 26 * 12 = 312 months. But since you start with 0, so your k is actually 311. R = 1 + r/n = 1 + 0.1/12, and D = 200. So\n\nA(311) = 200 * [(1 + 0.1/12)^(311 + 1) - 1] / (1 + 0.1/12 - 1), or\nA(311) = 295667.15330119169 = 295667.15 (round to nearest penny)
386015
You borrow x amount of dollars... let's say $100,000.\n\nThen you have a rate and payment amount.  Let's say your rate is 7% and your payment is $665.30.  When you make a payment for the first month, 30days of interest is calculated from the princ balance.  So your first payment would have that much interest removed.  The rest would go to princ.  Then the next payment's interest would be figured on $99,920.  Therefore, each additional payment pays less interest and more of the amount borrowed.  This occurs until the princ balance is paid off.
636060
Your bill should show what the interest rate is for that Particular card.  It should also show the daily rate.  It should also show number of days in billing cycle. Multiply your beginning balance by the daily rate and then by the number of days in cycle.  This may not be right on the button but will be close.  Also there should be a toll free number you can call to answer your questions.
1022515
Well, that depends on where the balance of $164,900 is coming from.   Is your down payment $90k or is your loan amount $90k?  \n\nRegardless, do a search on loan amortization tables.  You can put in the loan amount, term and interest rate, it will give you the monthy payment.  There are a ton out there (may even be one in Yahoo Real Estate section).
125141
First of all, you don't want to pay off your credit card every month.  You need to keep some outstanding balance to show activity.  I'm not saying to charge it and pay minimum either.  You should pay double or triple the monthly payment each month.  That will show the credit card company activity.\n\nCredit card companies usually review a customer's account every six months, at which time they decide whether to increase your credit limit.  You can also call them directly and ask for credit limit increases about every six months.\n\nAlso, did you know that once you establish credit, YOU can negotiate your interest rate?  A lot of people don't know this.  If you call the credit card company after having the card for a while, you can ask them to lower your interest rate after showing a good payment history.\n\nConsider a secured credit card. To obtain a secured credit card, you open and maintain a bank account or other asset account at a financial institution as security for your line of credit. Your credit line will be a percentage of your deposit, typically from 50 to 100 percent. Application and processing fees are not uncommon for secured credit cards. In addition, secured credit cards usually carry higher interest rates than traditional non-secured cards.\n\nYou also might consider getting a credit card from a local store, but make sure they report to the credit bureaus.