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