What method is used to calculate the monthly finance charge for the 1st major credit card?
929378
bascially card companies will start you with the highest interest rate they can depending on the card 17-18% dept store cards are up to 30% so be wary of those! Then its a per annum rate divided monthly based on the amount of credit you owe ( how much youve charged to your card) Not sure how long you've had this card but if you are good at paying your monthly amounts usually its 3% of the total amount owing you can get the overall interest rate dropped some to half the amount so be good to your card and don't accept the high rates just call them up tell them you have been offered another card with a lower rate and your thinking of doing a balance transfer why pay more them than you have to!
845959
No, 7% means you get charged 7% on your balance each year. Yes during the first years only about 10% of your payment if applied towards principle. Get with your bank and get an amortization schedule which would tell you exactly how much of each payment gets applied where.  E-mail me, I have an excel file if you want one.
9063
The minimum monthly payment will depend on what type of Capitol One credit card you have.  You need to look at your membership agreement or you should call customer service.  Your monthly payment will be a percentage of your balance which is then rounded to the nearest whole dollar.  Also, credit card companies have an actual minimum for the minimum payment.  For example, if you have a small balance on your credit card you would never have a $2.00 minimum payment unless that was the full balance.  Usually it goes up to at least $10.00 or $15.00.
293589
Normally and the most simplest way (I think) would be to debit value received and credit value given up.  For example, if you buy office furnitures for your business and pay it in cash, the entry would be\n\ndr.  Office furnitures\ncr.  Cash\n\nbecause you received the furnitures and you gave up cash.
397553
Assuming your balance was $1000, and your credit card rate was 21.9% (Fairly Standard over here), your balance after 5 years would look something like this:\n\n\nEnd of---Balance---Int charged\nMonth 1---1018.25---18.25\nMonth 2---1036.83---18.58\nMonth 3---1055.76---18.92\nMonth 4---1075.02---19.27\nMonth 5---1094.64---19.62\nMonth 6---1114.62---19.98\nMonth 7---1134.96---20.34\nMonth 8---1155.67---20.71\nMonth 9---1176.77---21.09\nMonth 10---1198.24---21.48\nMonth 11---1220.11---21.87\nMonth 12---1242.38---22.27\nMonth 13---1265.05---22.67\nMonth 14---1288.14---23.09\nMonth 15---1311.64---23.51\nMonth 16---1335.58---23.94\nMonth 17---1359.96---24.37\nMonth 18---1384.78---24.82\nMonth 19---1410.05---25.27\nMonth 20---1435.78---25.73\nMonth 21---1461.98---26.20\nMonth 22---1488.67---26.68\nMonth 23---1515.83---27.17\nMonth 24---1543.50---27.66\nMonth 25---1571.67---28.17\nMonth 26---1600.35---28.68\nMonth 27---1629.56---29.21\nMonth 28---1659.30---29.74\nMonth 29---1689.58---30.28\nMonth 30---1720.41---30.83\nMonth 31---1751.81---31.40\nMonth 32---1783.78---31.97\nMonth 33---1816.33---32.55\nMonth 34---1849.48---33.15\nMonth 35---1883.24---33.75\nMonth 36---1917.60---34.37\nMonth 37---1952.60---35.00\nMonth 38---1988.24---35.63\nMonth 39---2024.52---36.29\nMonth 40---2061.47---36.95\nMonth 41---2099.09---37.62\nMonth 42---2137.40---38.31\nMonth 43---2176.41---39.01\nMonth 44---2216.13---39.72\nMonth 45---2256.57---40.44\nMonth 46---2297.75---41.18\nMonth 47---2339.69---41.93\nMonth 48---2382.39---42.70\nMonth 49---2425.86---43.48\nMonth 50---2470.14---44.27\nMonth 51---2515.22---45.08\nMonth 52---2561.12---45.90\nMonth 53---2607.86---46.74\nMonth 54---2655.45---47.59\nMonth 55---2703.91---48.46\nMonth 56---2753.26---49.35\nMonth 57---2803.51---50.25\nMonth 58---2854.67---51.16\nMonth 59---2906.77---52.10\nMonth 60---2959.82---53.05\n\nOn top of that, depending on your bank, you would also incur late payment fees, default fees, and a bad credit rating!\n\nMoral of the story - pay it back as soon as you can   - the banks are filthy rich as it is, they don't need any more of your money!
461423
I checked out  http://www.bankrate.com/brm/news/DrDon/Dr.Don_19990903.asp to double check on what you mean by two-cycle billing.  Yuck.\n\nNo, the interest calculation is always going to be the average balance over two periods - not one.\n\nYes, there's still a penalty to you on the two-cycle method versus the average daily balance method - at the same interest rate. Let's say you're paying $200 a month and not charging anything.  You're paying interest on an additional $100/month this way, since the interest is charged on the average over two cycles, and that average is $100 higher over two months than one.  \n\nWhere you may benefit is if this 4.9% APR is a lot lower than what you can get on an "average daily balance" card. That extra $100/month you're getting hit with interest on is costing you about $5/year (ignoring compounding).  If you're saving more than that on the rate it's a good deal - as long as the rate stays low. Once the teaser is over, you may be paying the same rate (or higher! - depends on the terms) on this card as with the daily balance one.
693280
In order to compute a precise answer, you need all of the following information:\n\nAmount of principle subject to interest (one penny)\nFrequency of Compounding\nInterest Rate\nand the formula for compound interest (more on this below)\n\nUnfortunately, the answer to your question at this point, would have to be: One penny after 30 days.\n\nHow did I get there?  Well I had to make some assumptions:\n\nFirst we derive the formula for compound interest:\n\nEnd of Period Balance = Beginning of Period Balance Principle + Interest\n\nInterest = Beginning of Period Balance (times) interest rate\n\nWith multiple compounds you have multiple calculations of interest and the interest is added to the balance each time so that the next calculation has interest computed on the new balance which includes the previous interest.\n\nWhether you are looking at multiple years or multiple compounds in a year, you initially have interest on the principle then you have interest on the principle and interest on the prior interest, which is the "compounding".\n\nIt's not very reasonable for me to assume the interest rate (which was not given in the question) is significantly higher than currently available interest rates in the marketplace.  The question suggests the scenario is saving money, not paying bills.  Current interest rates on savings are well below 5 percent per year (closer to one percent per year).  Ask your local bank what interest rate they'll pay you on a simple savings account.\n\nIf the interest rate were 12 percent per year, and you compounded monthly then you could express the interest rate per period as 0.12 / 12 = 0.01 or one percent per month.\n\nOne percent per month would be a sizeable amount on a sizeable purchase, but one percent on a penny is one one-hundredth of a penny - hardly noticiable and most likely lost in the calculations.\n\nIt gets worse when you compound daily in this case\n\nInt rate  = 0.12 / 365 = 0.00032876712328767123287671232876712\n\nThat's assuming 12 percent interest per year (too high to be a good assumption)...and the result of multipling that by a penny even once is too close to a penny to notice the difference.  Making the calculation a little easier, you can calculate the new balance after interest is paid by adding one to the interest rate resulting in the new balance (representing balance = 1 times amount subject to interest plus the interest)\n\n$0.01 times 1.00032876712328767123287671232876712\ntimes 1.00032876712328767123287671232876712\ntimes 1.00032876712328767123287671232876712\ntimes 1.00032876712328767123287671232876712\netc. for 30 multiplications would yield you\n\na balance of 1.0099101764966712808084001310017 pennies which is still to small to practically be anything but one penny.\n\nThe rule of 72 allows you to approximate how long it will take for an amount to double under compound interest.  divide 72 by the annual interest rate and the result is an approximation of the number of years.\n\n72% interest would double your money in one year\n12% interest would double your money in six years\n7.2% interest would double your money in ten years\n\nYou'd need to get approximately 72% x 12 interest rate (864% interest per year) to compound a penny into two pennies in a single month.\n\nI imagine that you'd like to re-ask with the missing details (interest rate) and set a higher starting value than an penny.  I've hunted down a calculator for your so you can do some what-iffing on your own.\n\n-EN-
895432
Actually Excel has a number of built in formulas to figure stuff like compound interest. However, to find the interest rate you would use  the RATE formula:\n\nRATE(Number of payments, Payment, -Amount)\n\nFor example, if you were financing a car over 5 years, $500/month, 20,000 it would look like this:\n\nRATE(60, 500, -20000)
1092709
If you have the cash available, use a credit card only if you're going to pay it off each month before interest kicks in - otherwise you pay a lot more for the item than the original price.
717633
$0, I use to have over $30,000.oo in credit card debt, I paid them off over the course of 5 years and haven't charged since.
276183
Usually a zero percent apr with no monthly fees.  But low apr's are good to start with because zero apr's are hard to come by.
862690
18 \ntype in 0% APR credit cards in yahoo search and you will find many ways.
1180190
pay month to month\nthe finance charge is already figured into your monthly payments...it would be silly to pay it all off with savings
981490
depends on your interest rate...\n\nassuming 6%,your monthly payment would be $1708.72 if the loan began on the 1st of any given month.\n\nuse bankrates Loan Calculator at:\n\nhttp://www.bankrate.com/brm/popcalc2.asp
338655
a dept store credit card that was my first one but then I found out I was being ripped off bcuz those have super high interest rates.  it's a good way to establish credit I guess just make a purchase every season and take the rest of the season to pay it off without defaulting it will show you're consistent and reliable.
26471
The exact formula used is a secret, but the following weights have been revealed:\n\n* 35% punctuality of payment in the past\n* 30% capacity used, i.e., ratio of current revolving debt (e.g. credit card balances) to total available revolving credit (e.g. credit limits)\n* 15% length of credit history\n* 10% types of credit used (installment, revolving, consumer finance)\n* 10% recent search for credit and/or amount of credit obtained recently
32599
You are charged the "annual percentage rate" all the time. For example; if the APR is 18%, 18% divided by 12 months = 1.5% per month. \n Most times if you repay in 30 days, you pay no interest.\n On special promotions "no interest" may be 60, 90 days, or months, or next year. Whatever.