help with working out manthly payment/interet

uptomyeyes1984

SORRY PLEASE EXCUSE MY TERRIBLE TITLE SPELLING 11PM IS LATE FOR ME! IT'S MEANT TO READ
HELP WITH WORKING OUT MONTHLY PAYMENTS AND INTEREST.

Hello, silly question really but can anyone give me an idea of how much my monthly payment would be.

I want to transfer £2000 to my egg card and the interest is 21.9% PA

How much intrest would i be charded a month and what could i expect a monthly payment to be like?

Sorry terrible at working this out.
thanx in advance

YorkshireBoy

First of all, 21.9% is a terrible rate (but presumably the other card is even higher!). If the card is currently empty, consider calling and asking them to reduce your rate before transferring the balance.

21.9% APR equates to 1.6639% monthly, so your first full month's interest would be (£2,000 x 1.6639% £33.28 and your statemented balance would be £2,033.28

I believe the Egg minimum payment calculation has recently changed, and I don't have an Egg Card so apologies if this bit is wrong...but it appears to be the greater of:

2% (£40.66)

or

interest + 1% (£33.28 + £20.33 = £53.61)

...so it'll be £53.61


Disclaimer:

I'm not 100% familiar with the card's new T&C's*.
Figures are only a guide and make various assumptions, but should be 'top side'.


* Please wait for others to back up what I've said before taking any action based on the above.

uptomyeyes1984

Thank you for that it gives my some idea of what i would expect if i did it.
still unsure as its our overdraft we want to clear and get rid of, otherwise it'll be to refinance the loan we already have.
many thanks kelly.