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Snowball calculator doesn't work?
DebtClearer
Posts: 281 Forumite
The snowball calculator doesn't work does it if you are having to pay 1% plus interest rather than say 2.25% or 2.5% of the whole balance?
Debtfree!
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can anyone advise?Debtfree!0
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Which snowball calculator is that? There are several.You might as well ask the Wizard of Oz to give you a big number as pay a Credit Referencing Agency for a so-called 'credit-score'0
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If monthly interest is 2%, then a minimum payment of Interest plus 1% is 3%. Does that resolve it?You might as well ask the Wizard of Oz to give you a big number as pay a Credit Referencing Agency for a so-called 'credit-score'0
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unfortunately I'm not entirely sure what my monthlys are, I know they are 18.9 and 16.9% APRsDebtfree!0
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That is a problem with your data, not a problem with the snowball calculator!DebtClearer wrote: »unfortunately I'm not entirely sure what my monthlys are, I know they are 18.9 and 16.9% APRs
18.9% APR is approx 1.45%/month
16.9% APR is approx 1.3%/monthYou might as well ask the Wizard of Oz to give you a big number as pay a Credit Referencing Agency for a so-called 'credit-score'0 -
thanks! how did you work that out?Debtfree!0
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m = 100 * (1 - (1 + a/100) ^(1/12))
where
a = APR in %
m = monthly rate in %You might as well ask the Wizard of Oz to give you a big number as pay a Credit Referencing Agency for a so-called 'credit-score'0 -
I thought I was ok at maths but never seen a symbol quite like that pointing up arrow haDebtfree!0
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DebtClearer wrote: »I thought I was ok at maths but never seen a symbol quite like that pointing up arrow ha
It means "to the power". Written on the page it would be represented by a small superscript number, but on the computer screen you use ^
So four squared is written 4^2, and five cubed is written 5^3
^(1/12) means the twelfth root, so X^(1/12) means a number that when you multiply by itself twelve times gives you X.0
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