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  • Credit Card Rate Calculation: Month Starting Interest Payment Ending Balance Balance Formulas Used

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    sadiiqi
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    This document shows a credit card payment schedule over 24 months. It lists the starting balance, interest charged each month at an annual rate of 20%, monthly payment amount at 2% of the balance, and the ending balance. The ending balance of one month becomes the starting balance for the next. The total interest charged over the two years is $485.53 and the total payments made are $592.35.

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    Credit Card

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    This document shows a credit card payment schedule over 24 months. It lists the starting balance, interest charged each month at an annual rate of 20%, monthly payment amount at 2% of the balance, and the ending balance. The ending balance of one month becomes the starting balance for the next. The total interest charged over the two years is $485.53 and the total payments made are $592.35.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as XLS, PDF, TXT or read online from Scribd
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    Download as xls, pdf, or txt
    16 views2 pages

    Credit Card Rate Calculation: Month Starting Interest Payment Ending Balance Balance Formulas Used

    Uploaded by

    sadiiqi
    This document shows a credit card payment schedule over 24 months. It lists the starting balance, interest charged each month at an annual rate of 20%, monthly payment amount at 2% of the balance, and the ending balance. The ending balance of one month becomes the starting balance for the next. The total interest charged over the two years is $485.53 and the total payments made are $592.35.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as XLS, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xls, pdf, or txt
    of 2

    Credit Card Rate Calculation

    Month Starting Interest Payment Ending


    Balance Balance Formulas used:

    1 $5,000.00 $0.00 $100.00 $4,900.00 Interest = Starting Balance * (Annual Interest Rate
    2 $4,900.00 $81.67 $99.63 $4,882.03 Payment = (Starting Balance + Interest) * Paymen
    3 $4,882.03 $81.37 $99.27 $4,864.13 Ending Balance = Starting Balance + Interest - Pa
    4 $4,864.13 $81.07 $98.90 $4,846.30
    5 $4,846.30 $80.77 $98.54 $4,828.53 Starting Balance of Month N+1 is Ending Balance
    6 $4,828.53 $80.48 $98.18 $4,810.82
    7 $4,810.82 $80.18 $97.82 $4,793.18
    8 Annual Interest Rate
    9 Payment Percentage
    10
    11
    12
    13
    14
    15
    16
    17
    18
    19
    20
    21
    22
    23
    24

    Totals $485.53 $592.35


    lance * (Annual Interest Rate/12)
    Balance + Interest) * Payment Percentage
    arting Balance + Interest - Payment

    onth N+1 is Ending Balance of Month N

    20.00%
    2.00%

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