We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
How to work out minimum repayment?
SCO
Posts: 729 Forumite
in Credit cards
Might sound like a stupid question but how do you work out how much a minimum repayment will be.
Example info:
minimum 2.5%
balance £1200
APR 0%
Thanks
Example info:
minimum 2.5%
balance £1200
APR 0%
Thanks
0
Comments
-
its quite simple you multiply the outstanding balance by the minimum payment percentage as a decimal.
In this case its £1200 * 0.025 so the minimum payment is £300 -
As mredmred said, but be aware that some CC companies round up to the nearest £. (which may be a problem when the balance is £1170.)0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.5K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.6K Work, Benefits & Business
- 603K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards