Credit Card Calculator
This calculator will determine the number of repayments, total years to repay and total interest paid on an individual’s credit card with input of a higher payment compared to the minimum monthly repayment.
Enter the credit card balance, annual interest rate, minimum % repayment, higher payment and minimum monthly repayment.
Results will display in three columns.
The first shows the information if the individual only pays the minimum monthly repayment.
The second shows the information if the individual pays the higher payment.
And the third shows the difference between the first two columns.
The information results that display are:
- Number of Monthly Repayments – the number of monthly payments required;
- Total Years to Repay – the total number of years and months to repay; and
- Total Interest Paid – the total interest paid over the repayment period.
Example 1 : Credit Card Data Entry
Credit Card Chart
A chart graphs the repayments over the years.
Example 2 : Credit Card Chart
ABN 71107714241 ACN 107714241
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