This calculator estimates the number of months it will take you to pay off
the balance of a specific credit card.
To use it:
In "Credit Card Balance," enter what you owe on the credit
card after your latest payment.
In "Monthly Payment," enter how much you can
afford to pay each month to this credit card.
In "APR of the Card," enter the annual percentage interest
rate (APR) of this particular credit card. You can find the APR at
the bottom of the credit card's monthly statement.
Do not use commas.
Once you have entered these items, press "Compute" and look
for three things:
"Number of Months Until Debt Free," is the number of months it will
take you to fully pay off the card's debt, assuming you do not add to its
balance and that you pay the stated monthly amount until the balance is
gone.
"Total Payment to be Debt Free," is the total amount
you need to pay to eliminate that balance.
"Total Interest to be Debt Free," is the portion of the Total
Payment that is interest only. The amount of interest you will need to
pay which is NOT tax-deductible may surprise you!
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