If i have a balance of $7000 and my APR is 20%

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 7 years ago '06        #1
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Pitts Gutta 18 heat pts18
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If i have a balance of $7000 and my APR is 20%
 

 
If I cannot pay it off all in full this month does it really matter if I pay as much as i can or the minimum?

15 comments for "If i have a balance of $7000 and my APR is 20%"

 7 years ago '04        #2
mistabeecee41 16 heat pts16
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Well based off of that information you're paying $116/month in interest. The minimum probably isn't much higher than that, so paying the minimum won't help much.
 7 years ago '09        #3
username2010 
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paying only the minimum will have you paying this off in 20 years. not an exact figure but you get the message
 7 years ago '06        #4
Pitts Gutta 18 heat pts18 OP
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I am sorry. I should have been more clear. I plan on having this paid off by next month. The question is. If i know i wont pay it off this month in full does it really matter if i pay just the minimum or lets say $2000. Will the interest be the same weither I pay the minimum or as much as i can?
 7 years ago '06        #5
Pitts Gutta 18 heat pts18 OP
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I still dont think you are clear to what my question is. I will make it easier:

My balance is: $7000

If i pay minimum which is about $75 what will be my interest?

OR

My balance is: $7000

If i pay $2000 (instead of the minimum) what will be my interest?
 7 years ago '04        #6
Counterfeit215 9 heat pts
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If your interest is about 116$ based on the 7 G figure, your better off paying as much as you can so you save money on the interest. if you pay the min of $75 the interest added to the next bill cycle will still be about 100. Pay as much as you can
 7 years ago '06        #7
Pitts Gutta 18 heat pts18 OP
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Ok^^^^ Thats what I was trying to figure out. Props to everyone who atleast tried to help.
 7 years ago '08        #8
o7media 47 heat pts47
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Your interest will stay the same at 20% no matter how much you pay. However, if you have $7,000 left and you pay off $2,000 this month then next month you will only pay 20% on $5,000.

If you only make the minimum $75 payment this month then next month instead of paying 20% on $5,000 you'll pay 20% on $6,925.

Basically, you'll end up paying an extra $385 in interest or so if you only make the minimum payment this month.
 7 years ago '06        #9
Pitts Gutta 18 heat pts18 OP
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I dunno. It says my balance is $7077.00 and my minimum payment due is $71.00. My APR is 20.00%. Whats not adding up?
 7 years ago '06        #10
D.O.H. 
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each card has its own way of deciding ur min payment...overall ull save money in interest if u pay more than the min
 7 years ago '08        #11
Dunknown24 34 heat pts34
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^^Yup what he said. Pretty much the more u pay the more u save.

I'd pay the 2 racks. Especially if it's just gonna sit in ur account anyway
 7 years ago '04        #12
emekasons 2 heat pts
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For many credit cards the minimum payment is 1% of the balance (I thought it was supposed to go up to 2% a few years ago by law to help consumers stay out of credit card debt). Anyway, 1% of $7077 is $70.77, that's why your minimum payment is $71. The 19.99% APR is the ANNUAL percentage rate. With credit cards, interest is compounded monthly so your monthly interest rate (19.99% / 12 months) is about 1.6658%. If you pay the $71, you will be paying 1.6658% interest on $7006 next month which is about $116.71. That means your new balance will be $7122.71 without making any new purchases. If you pay $2000, you will be paying 1.6658% interest on $5077 which is about $84.57. Your new balance will be $5161.57 without making any new purchases. If you paid the minimum payment, your balance would actually go up, so the payment that you made didn't even really count. It would add the $71 that you paid and the $116.71 in interest to your balance. If you make the $2000 payment, you are knocking $1915.43 off of your balance for that month. I don't know how much you're making, but it is always best to pay as much as you can WITHIN REASON. You don't want to dump $2000 into a credit card if that $2000 could be making more somewhere else.
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