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How long will it take to pay of a 1000.00 credit card debt paying 2 percent at 18 percent interest?
Wiki User
∙ 11y ago
18x1000.00 + when the loan has to paid back by.
Wiki User
∙ 11y ago
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Calculate the annual interest rate on a credit card if the monthly interest rate is 1.2 percent?
That's an effective annual rate of 15.39%, thanks to the magic of compound interest (simple multiplication gives 14.4%, but this neglects the fact that if you don't pay it off each month you wind up paying interest on interest).
Is 5.25 percent a good interest rate?
If you're collecting it, it's wonderful.If you're paying it, you have my condolences.
How many days will it take for a sum of 1400 to earn 24 interest if it is deposited in a bank paying ordinary simple interest at the rate of 8 percent per year?
It will take 78 days and a bit.
What is 5 percent interest?
5% interest is just 5% of the final monthly bill being added to your bill....say the bill is 100.00 a month...well you're gonna be paying 105.00 a month...
Can your credit be damaged by paying less than what is due on time?
Absolutely. It won't be hurt as badly as not paying, but your credit report usually shows a status that reads "pays as agreed." If you're paying less than the minimum amount due each month, you're not paying as agreed and your credit can get dinged.
Is it better if I pay of my credit card balaces with money I have on side or if I just keep paying payments that I can each month?
The answer to that question depends on how much interest you are paying and how much interest you are earning. Almost all of the time it is better to pay off your credit cards. But if you need to borrow for something else then you need to compare interest rates before you pay offthe credit cards. But ALMOST ALL of the time paying off a credit card and not paying interest is in your best interest.
How can you get your credit card interest lowered?
By paying off the debt you owe
Isn't paying no interest loan by paying monthly due amount better than paying in full in term of improving credit score by having good payment history?
Making monthly payments on a no interest loan is way better than paying it off in full if you are looking to improve your credit score.
What if your credit card company charges 18 percent APR Annual Percentage Rate?
Then you should probably look for a lower interest rate card, unless you plan to pay off the balance in full. Otherwise, you will be paying ALOT of interest. A card with a small yearly fee that offers an 11% interest rate may be worth paying the fee to avoid very high interest payments if you plan to carry a balance. A line of credit is a good alternative to a credit card and often have much lower interest rates. It is always a good idea to consult a financial advisor or someone at the bank who can help you make intelligent credit decisions.
All credit cards charge interest what can you do to reduce the costs of paying interest?
The easiest thing you can do to reduce the amount of interest you incur to your credit card is to pay the bill as soon as you get it. You can also try asking the credit card company to drop your rate.
Calculate the annual interest rate on a credit card if the monthly interest rate is 1.2 percent?
That's an effective annual rate of 15.39%, thanks to the magic of compound interest (simple multiplication gives 14.4%, but this neglects the fact that if you don't pay it off each month you wind up paying interest on interest).
In which religion is paying interest on a loan or credit card banned?
Islam. You have to call it something else.
How can a cardholder avoid paying interest on a credit card?
pay the balance in full every month
When using a credit card you are responsible for paying back the original amount of your purchase plus?
interest
What are some advantages of a 0 balance transfer?
When you have a balance on your credit card, you are paying interest. If you can find a credit card with a lower interest rate and a 0% balance transfer, you will be saving money.
Which credit card should you focus on paying off first?
The one chaging the highest rate of interest.
How can credit card debt be reduced?
Firstly, credit card debt can be avoid by paying you credit card bills in a timely manner, avoid late fees and high interest. Creating a budget, no longer using credit cards, and paying your current credit bills will help reduce your debt.
