This calculator will compute the total interest you will pay if you make only minimum required payments on your credit card bill each month. It will also tell you how many minimum payments you will make before your balance is paid off (up to a maximum of 600 payments).

Somewhere on your credit card disclosure statement the card company will tell you something like “your minimum payment will be 2% of the balance or $10, which ever is higher. These are the figures you will enter in Column C and Column D respectively.

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