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Suppose you have a $1,000 charge on a credit card charging 1% monthly interest using the adjusted balance meth?
Suppose you have a $1,000 charge on a credit card charging 1% monthly interest using the adjusted balance method. The minimum payment due in May is $60. How much will you save in interest charges in June by paying $120 instead?
1 Answer
- ?Lv 510 years agoFavorite Answer
Go to this link: http://credit.about.com/od/creditcardbasics/qt/adj...
The way I read this,
The May ending balance would be $940
The interest would be (940)(.01) = $9.40
The starting balance in June would be $949.40
With a $60 payment, the interest would be (889.40)(.01) = $8.89
With a $120 payment, the interest would be (829.40)(.01) = $8.29
A difference of .60
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