Question

The minimum payment of a credit card balance is 3%; how much would you have to pay if the card balance stood at £620?​

Answer 1

Answer:

This calculator will show just how much total interest you will pay if you only make the minimum payment required on your credit card balance. In the fields provided, input the total amount charged on your credit card, its annual interest rate, and the percentage that constitutes a minimum payment on the card, followed by the dollar amount of that payment.

Press CALCULATE, and you’ll see just how much money the minimum payment method is costing you. You’ll discover the total interest charges you’ll have to pay, the number of payments you’ll have to make, and the number of years it’ll take you to pay your card off. If you have a particularly high balance, it will become more than clear how detrimental this approach is to your bottom line.

Your credit card disclosure statement should have something like "your minimum payment will be 2% of the balance or $10, whichever is higher." These figures are what you will enter in Row #3 and Row #4 respectively.

Step-by-step explanation:

Answer 2

Answer:

18.60 Euro

Explanation:

Card balance is 620 Euro

The payment cut percentage is 3%

Answer- $620*\frac{3}{100} = 18.60$

Thus, the minimum payment of a credit card at a balance of 620 euro will be at least 18.60

Further,

• The entire amount of interest you will pay if you only make the minimum payment on your credit card debt will be shown by this calculator.
• Enter the total amount charged on your credit card, the yearly interest rate, the minimum payment amount, and the percentage that makes up the minimum payment in the spaces given.
• You may see how much the minimum payment method is costing you by pressing CALCULATE.
• You'll learn how much interest you'll pay overall, how many payments you'll need to make, and how long it will take you to pay off your card.

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