how long until paid off

Discussion in 'Credit Talk' started by jr, Nov 7, 2000.

  1. jr

    jr Guest

    How long would it take to pay off a credit card balance of $5800 at 18.3% making only the minimum payments? Is there a lower bound on the minimum payment ($20)?
  2. Darrell

    Darrell Guest

    If you make a minimum payment of $120/mo. on a debt of $5,800 at 18% interest, it will take you 328 months to retire the debt.

    Basically, a little more than 27 years.
  3. Russ

    Russ Guest

    Lets see:
    (as an example):

    you owe 5,000$ @ 14 APR.

    * If you make the MINIMUM payment based on each months bill it will take: 25 years or so.

    * If you make a 100$ payment EACH month it will take you around 6 years

    * If you make payments two times a month @ 50.00 each it will take around 5 1/2 years.
  4. creditwork

    creditwork Well-Known Member

    Don't do it. Always make large payments and make them early. Use credit responsibly.
  5. roni

    roni Well-Known Member

    You better off paying $120/week.
  6. Cadillac408

    Cadillac408 Well-Known Member

    I came up w/ a different calcu

    I have this little excel spreadsheet program that calculates this stuff and according to it:

    If you make $120 payments on a $5800 balance at 18.3%, it will take you 88 months with one final payment of $32.27. The total amount you would of paid is $10592.27.

    328*120 = $39,360

    Doesn't make sense on a purchase of only $5800????

    I know the program works because I entered in all the numbers for my auto loan and they came out the same, only off by a few pennies.

    If anyone would like this program...let me know and I'll email it you you.

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