Credit Card Debt Calculator

example input:
Amount that you owe: $500
APR: 29.99%
Monthly payment: $19

I need to know how to calculate how many months that it will take to pay off. Thanks!

P.S. I do not have credit card debt. I just want to program a calculator. =)

First you got to see how much money the APR is going to add to the 500 dollars that you owe. To do this, set it up as a percent problem. When working with fractions, always remember the equation
%=part/whole. The whole is 500 and we know the percent is .2999. So now plug those into the equation to solve for p. To solve for p, you going to want to multiply each side by 500. p=149.95. Then add p to 500 to get the total amount of money you owe. This is 649.95. Then divide 19 into that to see how many times it will go in to that sum. This is how many months your going to have to pay off the credit card. Since you can have a Decimal of a month, your going to have to round it up to the next whole number. The answer is 35 months.

%=part/whole
.2999=p/500
500(.2999)=500(p/500)
500(.2999)=p
149.95=p

500+149.95
649.95

649.95/19
34.2

Round up to the next whole number

35

2009-03-28 13:19:13 by theflyingchicken

www.FreeDebtExam.com http This tutorial shows you the power of compound interest, and shows you how to use the free debt calculator at Bankrate ...

When I pull up a mortgage calculator online for determining how much I can afford for a home I'm given the option to enter in monthly debt. I have credit card debt. How much do I enter in, the minimum?

Hi Jennifer,

Enter your total minimum monthly payments for all of your debts, unless they are entered elsewhere in the calculator (like auto loan payments, etc).

It would help to have a link to the specific calculator you are using to say for sure. Hope this helps!

Oh, and perhaps even more important is knowing your ratios:

3 Simple Steps to Calculate Your "Debt-To-Income Ratio" and Credit Secrets Most People Will Never Know:

http://ezinearticles.com/?id=2314324

2009-09-09 20:21:31 by Jennifer

Price: $2.99 $2.99

Determine impact of making extra loan payments, which can dramatically reduce the cost of loan
Manage mortgage loans, auto loans, credit card debt and more
Save complete loan payment schedule on external or internal SD memory

I'm good with money, but my sister is NOT.

In two months, she has gotten herself into $6000 worth or credit card debt.

She asked to borrow money, but I'd never see it again, so I said I'd help her go on a budget.

Is there a site that helps you manage debt, with like a calculator or calendar to reach goals?

She just landed a new job, so she'll be getting around...I'd say 700/month.


How long do you think it will take to slice that amount in half?

Can she apply for a credit card with zero percent interest and transfer the balance?

She definetley needs to get a higher paying job. Can she return/sell any of the items she purchased? Maybe Ebay?
Garage sale? Anything can help!

Take her credit card and break it! She clearly can not handle credit.

Good Luck.

2008-10-13 16:15:30 by BeatleFan

Price: $0.99 $0.99

Allows you to export data via e-mail
Creates custom payment plan based on your criteria
Offers simple and advanced modes

I need an EQUATION or two. I'm trying to program a credit card debt calculator in PHP to basically tell me this as a result.....

if you currently owe $80,000 in credit cards, and your average interest rate is 20%,

You will pay $159,196.96 in interest,
your total payment will be $239,196.96

and it will take you 54.33 years by paying the minimums.

the only part that i know for sure is to add the two numbers together to get the total amount.. beyond that i'm kind of lost, mostly because i don't understand how credit card interest works on a deep level.

I understand the "simple interest" model, which is NOT what credit cards work on.. most of the stuff i find on the net is for mortgages and simple interest. that doesn't help me in this case.

thanks in advance!!

the equations themselves will help.

Let B = credit card balance at the beginning of the month.
Let P = payment made on the credit card for the month.
Let i = monthly interest rate (e.g., if 18% annual, then 1.5% monthly)
Let N = credit card balance at the end of the month.

Assume no purchases or payments are made during the month (except at the end of the month.) Then,

N = B*(1+i) - P

If purchases are made during the month, then redefine B = average credit card balance.

2009-06-05 23:25:22 by __A_YAHOO_USER__

I personnally use this one :

http://www.calculatopedia.com/financial< br />
but there is a more... Just google it if it's not what you're looking for...

Hope that helped

2009-06-15 08:51:53 by Armaniboy