Credit Card Repayment Calculator
When paying a certain amount of money at a constant time interval, a month in this case, there is a limit when the credit card balance happens to be cleared, leaving no money to continue with the economic transactions. Thereby, the credit card repayment calculator is very useful in helping to figure out the number of monthly payments that can be done each month until nothing is left on the credit card's account. The credit card calculator allows to create scheduled table of payments, taking into accounts such important aspects as the monthly interest rate. It is also capable of revealing an annual detailed forecast of the balance of the credit card with regard to the repayments that are made, showing the amount of money that is left after each repayment number.
It is important to note that interest rate is defined as the proportion of the repayment that is charged as the interest and expressed as a percentage. However, in the case with the credit card repayment calculator the interest rate is calculated automatically and displayed as numbers, not percentage.
Simple instructions of how to use the Credit Card Repayment Calculator:
- Enter the Credit Card Balance
- Insert the Payment amount
- Input the Annual Interest Rate, expressed as percentage
- Type in the number of payments per year