Boxden hiphop sports wild'ish games movies news eyecandy tech gear rides
trending now popular now #top20 top yesterday all sections videos pics tracks headlines

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

most watched this minute | see more
most viewed right now
112 viewing
Image inside RIP Donatello 1984-2015  
71 comments
most viewed right now
100 viewing
 BOX Holyfield: "Floyd wont win because boxing doesnt wa..
58 comments

top in section
47 viewing
Mar 26 - BREAKING: Co-pilot made 'deliberate attempt' to cras..
top in news
top in section
31 viewing
 Video inside WTF is Rockstar doing?! GTA STRUGGLES Pt. 32
top in games

people viewing this topic:   (0 members and 1 guests)  
 
 

let em know Share this on TwitterShare this on Facebook
 If i have a balance of $7000 and my APR is 20%
Unread 10-11-2010, 07:21 AMJoined Jun 2006 - away - #1
5727 pageviews
15 comments


Pitts Gutta 18 heat pts18 space
avatar space
King Kendrick
space
$2,880 | 16782767
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?
Reply With Quote

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

- To post a comment, join the squad -


Unread 10-11-2010, 12:43 PMJoined Sep 2004 - away - #2
mistabeecee41 7 heat pts space
avatar space
itsBCBaby!
space
$543 | 4782936
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.
Reply With Quote
Unread 10-11-2010, 01:10 PMJoined Dec 2009 - away - #3
username2010  space
avatar space
Senior Member
space
$155 | 119567
paying only the minimum will have you paying this off in 20 years. not an exact figure but you get the message
Reply With Quote
Unread 10-11-2010, 03:15 PMJoined Jun 2006 - away - #4
Pitts Gutta 18 heat pts18 space
avatar space
King Kendrick
space
$2,880 | 16782767
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?
Reply With Quote
Unread 10-11-2010, 04:08 PMJoined Jun 2006 - away - #5
Pitts Gutta 18 heat pts18 space
avatar space
King Kendrick
space
$2,880 | 16782767
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?
Reply With Quote
Unread 10-11-2010, 04:32 PMJoined Aug 2004 - away - #6
Counterfeit215 9 heat pts space
avatar space
YounGest In Charge
space
$3,879 | 11983506
If your interest is about 116$ 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
Reply With Quote
Unread 10-11-2010, 04:46 PMJoined Jun 2006 - away - #7
Pitts Gutta 18 heat pts18 space
avatar space
King Kendrick
space
$2,880 | 16782767
Ok^^^^ Thats what I was trying to figure out. Props to everyone who atleast tried to help.
Reply With Quote
Unread 10-11-2010, 05:14 PMJoined Jan 2008 - away - #8
o7media 18 heat pts18 space
avatar space
Senior Member
space
$16,297 | POWERFUL
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.
Reply With Quote
Unread 10-11-2010, 08:48 PMJoined Jun 2006 - away - #9
Pitts Gutta 18 heat pts18 space
avatar space
King Kendrick
space
$2,880 | 16782767
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?
Reply With Quote
Unread 10-11-2010, 09:56 PMJoined Jun 2006 - away - #10
D.O.H.  space
avatar space
S.E.H.C.
space
$4,363 | 6055000
each card has its own way of deciding ur min payment...overall ull save money in interest if u pay more than the min
Reply With Quote
Unread 10-12-2010, 12:27 AMJoined Feb 2008 - away - #11
Dunknown24 32 heat pts32 space
avatar space
Dreams of Fields
space
$12,322 | POWERFUL
^^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
Reply With Quote
Unread 10-12-2010, 12:08 PMJoined May 2004 - away - #12
emekasons 2 heat pts space
avatar space
Senior Member
space
$251 | 880501
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.
Reply With Quote
 

Home > BX Table Of Contents > The Money Spot (finance/careers)
  
    
          join bx


 




that hot ish yesterday


most viewed right now
32 viewing
50 Cent Is The Most Famous Snitch-J prince  
112 comments
@hiphop
most viewed right now
29 viewing
Image inside NEW: Amber Rose PhotoShoot In Maui 😛Ԁ..
162 comments
@eyecandy
most viewed right now
25 viewing
Video inside God is good  
72 comments
@eyecandy
most viewed right now
23 viewing
Image inside So THIS ACTOR is british too?????!!!!!
41 comments
@movies
most viewed right now
21 viewing
Video inside Mar 25 - Taco Bell's New Ad Portrays McDonald's As ..
54 comments
@news
most viewed right now
18 viewing
Video inside Dame Dash Son On The Breakfast Club!  
166 comments
@hiphop
most viewed right now
13 viewing
Gucci is completely messin up, Somebody STOP this man
130 comments
@hiphop
most viewed right now
11 viewing
Article inside 'X-Men: Apocalypse': Newcomer Lana Condor joins c..
81 comments
@movies
most viewed right now
7 viewing
Image inside Jim Jones Addresses IG Haters About Owning Fake Ra..
71 comments
@gear

^
contact us   |   bx@twitter   |   bx@facebook   |   privacy   |   search   |   BX 1998-end of time.