Credit Card Payoff Calculator Online

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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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