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

most viewed right now
 114
NBA Nike & Paul George steal JellyFam's concept for the "JellyFam PG 1" shoe
31 comments
@sports
most viewed right now
 107
Aug 20 - A Current Taco Bell Employee Just Dished Out 7 Secrets You Need to Know
99 comments
@news
most viewed right now
 91
NBA LeBaywatch saving drowning victims in the offseason
70 comments
@sports
most viewed right now
 77
Image(s) inside Awkward Jay at it again
70 comments
@hiphop

section   (0 bx goons and 1 bystanders) Share this on Twitter   Share this on Facebook
 

Props Slaps
 7 years ago '06        #1
14132 pageviews
15 comments


Pitts Gutta 18 heat pts18
space
avatar space
space
$2,925 | Props total: 12 12
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
space
avatar space
space
$594 | Props total: 186 186
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 
space
space
space
$158 | Props total: 0 0
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
space
avatar space
space
$2,925 | Props total: 12 12
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
space
avatar space
space
$2,925 | Props total: 12 12
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
space
avatar space
space
$3,885 | Props total: 4 4
If your interest is about 116$ 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
space
avatar space
space
$2,925 | Props total: 12 12
Ok^^^^ Thats what I was trying to figure out. Props to everyone who atleast tried to help.
 7 years ago '08        #8
o7media 45 heat pts45
space
avatar space
space
$28,692 | Props total: 7219 7219
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
space
avatar space
space
$2,925 | Props total: 12 12
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. 
space
avatar space
space
$5,057 | Props total: 732 732
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
space
avatar space
space
$15,989 | Props total: 649 649
^^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
space
space
space
$253 | Props total: 0 0
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.
Home      
  
 

 






most viewed right now
 42
Thot Alert Thot Alert:Phat Ass iamlyndarose
41 comments
1 day ago
@thotsdimesetc
most viewed right now
 39
#NATION: Nina_Jazmene
48 comments
22 hours ago
@thotsdimesetc
most viewed right now
 27
Image(s) inside Aug 19 - Calls to remove carving at Stone Mountain, Ga - nation's larg..
131 comments
1 day ago
@news
most viewed right now
 15
Keep it 100 Would you smash *3 some edition*
104 comments
1 day ago
@thotsdimesetc
most viewed right now
 15
Jacksonville FLA rapper Ramboe Slice killed!
82 comments
1 day ago
@hiphop
most viewed right now
 13
Jay Z speaks on he & Kanye West beef
183 comments
20 hours ago
@hiphop
most viewed right now
 12
Xbox One X Project Scorpio Edition leaked
101 comments
2 days ago
@games
most viewed right now
 11
Image(s) inside 5 Innocent Rappers who didn't snitch after getting pinched! And paid t..
148 comments
20 hours ago
@hiphop
back to top
register contact Follow BX @ Twitter Follow BX @ Facebook search BX privacy