milosz
Distinguished Member
- Joined
- Oct 16, 2008
- Messages
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I have a credit card with $2329.55 on it at 9.99%. I've been paying 10% of the balance each month.
As the debt gets smaller, the 10% would continue on until I'd be forced to pay $10 for the monthly minimum most require. Just to satisfy my curiosity, is there a way to calculate amortization based on paying 10%/month, factoring in 9.99% APR? I'm wondering how long this process would actually take.
Preferably with an online calculator as, I don't even own a calculator anymore. The usual debt calculators I use are based on paying a set amount each month rather than a percentage.
As the debt gets smaller, the 10% would continue on until I'd be forced to pay $10 for the monthly minimum most require. Just to satisfy my curiosity, is there a way to calculate amortization based on paying 10%/month, factoring in 9.99% APR? I'm wondering how long this process would actually take.
Preferably with an online calculator as, I don't even own a calculator anymore. The usual debt calculators I use are based on paying a set amount each month rather than a percentage.