HP12c Credit Card Payment Calculation
01-25-2018, 08:29 AM (This post was last modified: 01-25-2018 08:30 AM by Dieter.)
Post: #9
 Dieter Senior Member Posts: 2,397 Joined: Dec 2013
RE: HP12c Credit Card Payment Calculation
(01-24-2018 08:38 PM)vrenaut74 Wrote:  Assume you had a $2,000 balance on your credit card. No further charges are placed on the card, the minimum payment due every month is 2.7%, and the annual interest rate is 18%. How long would it take to pay off the$2,000 balance if you paid the minimum each month?

I am not sure if I understand this correctly. What does this mean exactly?

So you have $2000 and 2,7% of this is charged, i.e. 2000–54 =$1946 is left after the first month. For this a yearly interest rate of 18% is applied, i.e. 1,5% per month, so $29,19 is added to get$1975,19. Is it like this? Or is the interest added once per year, i.e. after twelve 2,7% charges finally 18% is added to the remaining capital? Please explain.

Dieter
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 Messages In This Thread HP12c Credit Card Payment Calculation - vrenaut74 - 01-24-2018, 08:38 PM RE: HP12c Credit Card Payment Calculation - Gamo - 01-25-2018, 03:52 AM RE: HP12c Credit Card Payment Calculation - acapde - 01-25-2018, 04:02 AM RE: HP12c Credit Card Payment Calculation - vrenaut74 - 01-25-2018, 04:21 AM RE: HP12c Credit Card Payment Calculation - acapde - 01-25-2018, 03:59 AM RE: HP12c Credit Card Payment Calculation - vrenaut74 - 01-25-2018, 04:19 AM RE: HP12c Credit Card Payment Calculation - Carsen - 01-25-2018, 05:11 AM RE: HP12c Credit Card Payment Calculation - Dieter - 01-25-2018, 08:11 AM RE: HP12c Credit Card Payment Calculation - Dieter - 01-25-2018 08:29 AM RE: HP12c Credit Card Payment Calculation - SlideRule - 01-25-2018, 04:42 PM RE: HP12c Credit Card Payment Calculation - Dave Britten - 01-25-2018, 04:58 PM RE: HP12c Credit Card Payment Calculation - Gerson W. Barbosa - 01-25-2018, 05:51 PM RE: HP12c Credit Card Payment Calculation - vrenaut74 - 01-25-2018, 05:55 PM RE: HP12c Credit Card Payment Calculation - DavidM - 01-26-2018, 04:42 PM RE: HP12c Credit Card Payment Calculation - Carsen - 01-25-2018, 07:36 PM RE: HP12c Credit Card Payment Calculation - Bill (Smithville NJ) - 01-26-2018, 06:06 PM RE: HP12c Credit Card Payment Calculation - Csaba Tizedes - 01-26-2018, 05:37 PM RE: HP12c Credit Card Payment Calculation - Gamo - 02-07-2018, 10:24 AM RE: HP12c Credit Card Payment Calculation - gpltaylor - 04-06-2019, 01:45 PM

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