Powered by Yahoo! Answers
My credit card interest rate?*
Balance is 470.00 my interest rate is 29.99% how much will i be paying per month for interest ? how do i figure it out
Answers:
1) 30% of $470 is $141. So your minimum payment is barely over that I assume. If you continue to pay the minumum you'll NEVER get rid of your balance, but if you start paying double your minimum payment, your balance will drop and so will the amount of monthly interest as your balance is going down. 30% $470 is $141 in interest 30% of $370 is $111 in interest 30% of $150 is $45 in interest
2) 29.99% annual interest / 12 months per year = 2.5% each month $470 x 2.5% = $11.75 in interest charges each month. (roughly calculated based on monthly compounding)
3) How much interest you will pay depends on your payment. Don't make minimum payments - pay the whole thing off fast!
4) 29.99% ??!! That is outrageous. Pay off the card and cut up that card.
5) Call the telephone number on the back of your card and ask them to lower the rate. There is no harm in asking. All they can do is say no.
It may be that these answers have been provided by people who are not as knowledgable or familiar with this topic as you are. Because of this, CreditOptions gives you the ability to provide a better answer to this question and once your answer has been approved, it will replace the answers provided by Yahoo.
Click here to provide your answer to this question.
*The answers on this page are supplied by users of the Yahoo! Answers forum or by visitors to this site. CreditOptions does not necessarily endorse or agree with the answers provided.
Home Articles Tools Credit Quiz Credit Analyzer Contact Us
Credit Cards Credit Counseling Credit Repair Credit Reports Debt Consolidation Identity Theft Mortgage Loans Payday Loans
Credit repair companies are a ...