Credit Card Payoff Calculator Online

Credit Card Payoff Calculator

Credit Card Payoff Calculator

Credit Card Payoff is short term Stands for monthly payment(P). Stands for monthly payment (P) is equal to the interest rate (R %) multiple is the initial credit card balance(CCB) .Divided to 1 number of value less than number of value 1 added to the interest rate (%) less than number of month until the debt is paid(T).

The formula as,

Monthly Payment = R * CCB / (1 – (1 + R)^(-T))

Let us consider,

  • P stands for monthly payment,
  • R is the interest rate,
  • CCB is the initial credit card balance,
  • T is the number of months until the debt is paid.

Calculate the credit Card Payoff 

Stands for monthly payment ($2000), The interest rate (5%), The initial credit  card balance($1000), the number of month(2month).

Monthly Payment = R * CCB / (1 – (1 + R)^(-T))

The answer is Monthly Payment $2012.56

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