how much will the interest be?

FriendofDorothy

I am trying to work out how much interest i will be charged on my egg card,i owe £8,900 and the interest is now 5.9%, does anyone know how much it will be each month?
Thanks.

---lee---

Not sure if this is right, but I'm going to stick my neck out and give it a go. If I'm wrong, I'm sure someone will be along to correct me very shortly. I'm assuming that 5.9% is the APR and that the minimum repayment is 2.5% PM.

Interest

= (8,900 / 100) * (5.9 / 12)
= 89 * .49
= 43.76

Minimum Payment

= 8,900.00 + 43.76 / 100 * 2.5
= 223.59

FriendofDorothy

Thanks for that,WOW that's some interest they charge, better get looking for another 0% card

---lee---

Your welcome. There's a list of 0% cards (including those with no balance transfer fee) here.