how long it would take to pay off a credit card balance of $1000 if you pay the minimum of $35 a month at a flat yearly interest rate of 18%.
Is interest charged monthly? Compounded? Under monthly compounding, the answer is three years and two months.
http://calculators.interest.com/content/calculators/new/howmuch.asp
You can find your answer in this site.
http://www.fincalc.com/det_01_o.asp
To calculate how long it would take to pay off a credit card balance of $1000 with a minimum payment of $35 a month and a flat yearly interest rate of 18%, we need to consider whether the interest is charged monthly and compounded.
If the interest is charged monthly but not compounded, you would only need to divide the total balance by the monthly payment. In this case, it would take 1000 / 35 = 28.57 months, which is approximately 2 years and 4 months.
However, if the interest is compounded monthly, the calculation becomes more complex. One way to find the answer is to use an online financial calculator or a specialized calculator for determining how long it will take to pay off a credit card balance.
You can use the calculators you provided:
1. The first calculator on the interest.com website allows you to input the principal balance, the minimum payment, and the interest rate to determine the time it takes to pay the balance in full.
2. The second website, fincalc.com, also provides a calculator for determining the time it will take to pay off a credit card balance when given the principal, minimum payment, and interest rate.
By inputting the necessary information into either of these calculators, you will be able to find the answer to your question.