£3600 cash taken on a credit card - how much to pay back ?

waveydave

Hi all,

Bit of an open ended question as i don't know the percentages off hand so looking for a (very) rough calculation.

borrowed £3600 on a friends cap one credit card - been paying it back at £200 a month for 18 months and now pad £3600 back - Approximately how much extra £200's will i have to pay back to cover the interest ?

WD

withabix

Assuming 19.9% APR, a snowball calculator suggests 22 or 23 months at £200, with a total of £626 interest.

So you've got another 4 or 5 payments on that assumed APR.

At 9.9%, you've got another 2 payments.

PasturesNew

It depends what the APR was.... you might only be half way through.

YorkshireBoy

Very roughly...

Average balance over 18 months = £1,800

Interest accrued in that time = £1,800 x n% / 12 x 18

Where n% is the card's APR

But you'll need to keep doing this calculation until the debt is fully repaid.

eg, assuming 18.9% APR...

£1,800 x 18.9% / 12 x 18 = £510.30

Do the sums again after your next two payments, and that will give you the final payment due.

waveydave

cheers peeps - ive set aside another 5 months to cover the payment of interets and hopefully give the person who was kind enough to lend me the dosh a few quid in their pocket so was just wondering if that would cover it (which it should as it wasnt a stupidly high interets rate)

Thanks All

dealer_wins

Nice to someone who actually pays back a friend who he borrows from and add on a "thank you" payment.