Calculating monthly payments on a 0% balance transfer

Watson

This is such a basic question that I'm embarrassed to ask it, but I've searched and can't find the answer anywhere.

If I make a balance transfer (say, £1000) to my Egg card at the current rate - 0% until 1st September 2011 with a 3% fee - how do I calculate the minimum monthly repayments?

I'm sure that this is dead easy maths but even dead easy maths is a bit beyond me, I'm afraid, and I'd be grateful for a bit of advice.

Many thanks!

Fruit_and_Nut_Case

Egg will calculate it according to their T&Cs and will show it on your statement.

neil9313

Watson wrote: »

This is such a basic question that I'm embarrassed to ask it, but I've searched and can't find the answer anywhere.

If I make a balance transfer (say, £1000) to my Egg card at the current rate - 0% until 1st September 2011 with a 3% fee - how do I calculate the minimum monthly repayments?

I'm sure that this is dead easy maths but even dead easy maths is a bit beyond me, I'm afraid, and I'd be grateful for a bit of advice.

Many thanks!

You need to know what % egg charges for the minimum monthly payment?

If its 3% then you will pay £30 per month

stephane_2

Is it not 1% for Egg? But maybe am wrong

Fruit_and_Nut_Case

stephane wrote: »

Is it not 1% for Egg? But maybe am wrong

Scroll down this to find Egg's Minimum Repayment.

YorkshireBoy

Watson wrote: »

I'm sure that this is dead easy maths but even dead easy maths is a bit beyond me, I'm afraid, and I'd be grateful for a bit of advice.

£1,000 BT
3% fee

3 per cent, from the French, is 3 per 100...which is equal to 30 per 1,000 (count the zeros).

So your balance is £1,030 (£1,000 BT plus a £30 fee)

The Egg minimum payment is 2%

If you want it really easy, use your windows calculator...

1030
*
2
%

and the answer returned is 20.06

Watson

Thanks to everyone for the helpful replies, especially to YorkshireBoy for really spelling it out. Sorry to be late responding, but I forgot to turn on the email notification of new posts. I'm obviously technically as well as mathematically challenged.