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Question By
AcidSno

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debt repayment calculater
I was looking over one of my parents's credit card bills(I do their bills) and noticed a section that stated:
New balance: $1800.77
total minimum payment due: $121
interest rate : 29.99%
if only the minimum payment is made it will take 15 months and pay an estimated total of $1801.00. I decided to see how long it would be if I raised that number. So I decided to find a calculator that matches this information then would change my payment to a higher number. I even looked here on Credit Karma but with no luck, I found no calculator that matched the information I used, in fact they all stated several extra months to pay off than what the credit card company stated. Please help.

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At 30% interest it would take 19 months to pay off that balance.  I don't think they like linking here but you can find a calculator online.  Any car/mortgage/etc payment calculator that allows you to solve for the time would work.  There are also templates in excel that have the formulas and format filled out if you are familar with excel.

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Use the amortization calculator and it will be close. Pluggin in 1,800 loan for 1.25 years says you pay 145 a month.  I am guessing that the 121 a month was based on a few charges not included (so they might base it off 1700 or so at the time of the statment) because the 121 time 15 is not enough to cover interest.

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It would take longer than 15 months to pay, you are forgetting the INTEREST!

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Reply by
Nomadre

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Use the amortization calculator and it will be close. Pluggin in 1,800 loan for 1.25 years says you pay 145 a month.  I am guessing that the 121 a month was based on a few charges not included (so they might base it off 1700 or so at the time of the statment) because the 121 time 15 is not enough to cover interest.

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Reply by
Nomadre

519 Contributions
225 People Helped

Use the amortization calculator and it will be close. Plug in 1,800 loan for 1.25 years says you pay 145 a month.  I am guessing that the 121 a month was based on a few charges not included (so they might base it off 1700 or so at the time of the statment) because the 121 time 15 is not enough to cover interest.

Reply by
AcidSno

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I didn't forget anything. As I stated, this is a statement from the credit card company saying at my interest rate of 29.99% and paying $121 a month(thier listed miminmmum payment on whats left ($1800.77), that it would be complete in 15 months and would coat me like 23 more cents(they said the total amount is estimated). I didnt call them to ask them yet, but will be doing so today.They owe far less now, but they send repayment calculation on every bill and is roughly the same.

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