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Regarding new minimum payments Virgin CC
Nicky321
Posts: 1,426 Forumite
in Credit cards
Now virginmoney are changing the minimum payments which will now be interest + 1% of outstanding balance, does anyone know how to enter this on the snowball calculator?
0
Comments
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are my calculations correct?
orig balance £7673.34 + int £120.98 (1.5767% per month) = (a)£7794.32
min payment 1% off original balance £76.73 + int £120.98 = (b)£197.71
Calc (a)£7794.32 - (b) £197.71 = (c) £7596.61
Next month would be
orig balance (c) £7596.61 + int £119.77 = (a) £7716.38
min payment 1% off original balance £75.97 + int 119.77 = (b) £195.74
Calc (a) £7716.38 - (b) £195.74 = (c) £7520.64
Does it look right? and is this how they will work it out?
Cheers in advance0
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