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Credit Card Calculator

A credit card is a "revolving" account which means that the required payment is a percentage of the current balance. As your balance goes down so does your required payment. Somewhere in your credit card disclosure statement the card company will tell you something like your minimum payment will be 2% of the balance or $10, whichever is higher. These are the usual amounts and are already entered for you. Of course you should change them if your card is different. You will find it hard to believe how much interest you will pay and how long it will take to pay off a credit card making only the minimum payments! To calculate a steady payment, enter the payment you intend to make in the minimum payment.

Current Balance
Interest Rate
Payment Percent
Minimum Payment


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