Calculate the interest and time it will take to pay off a credit card based on the amount of the payments. Be sure to read my post on credit cards and credit scores to learn about important factors for consideration.
Credit Card Principal
Principal is the initial amount of money owed to the credit card issuer. For example, if you spend $50, your principal before you pay is $50.
Interest Rate (APR)
This is the yearly interest rate as stated by the credit card issuer. These are provided to you when you sign up for your credit card.
Principal Percent Payment
This is the percent of the remaining principal (on top of the interest) which you want to pay off each month. If you want to pay in set amounts each month, try fixed instead.
Fixed payments are simply the amount you want to pay each month, interest included.
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