can someone check my maths please?

femalemonarchfemalecanine

I will have £1700 outstanding balance when my 0% BT ends. The interest rate on the card will be 21.93% I will have the £1700 paid off in 3 months. Am I right in thinking that the interest I would pay would be around £20, so it is cheaper to not transfer the remaining balance unless I can get a fee free or 1% BT deal?
Thanks

[Deleted User]

It depends on how quickly you'll pay it off, as the interest is calculated daily.

You'll pay around £27 interest on the full balance in a month.

So if you paid it in three equal chunks over the three months, it would be something like £54 interest.

phillw

femalemonarchfemalecanine said:

I will have £1700 outstanding balance when my 0% BT ends. The interest rate on the card will be 21.93% I will have the £1700 paid off in 3 months. Am I right in thinking that the interest I would pay would be around £20, so it is cheaper to not transfer the remaining balance unless I can get a fee free or 1% BT deal?
Thanks

You'll need to show what you're planning on paying and when, if you pay it all of at the end of three months then at 21.93% of £1700 is £93. You'll have to at least make the minimum payment, which will reduce the interest, but what that is will depend on the T&C of your card. If you're planning on paying off a higher portion of it sooner then that will reduce the interest further.

femalemonarchfemalecanine

ah yes, sorry, amounts paid would be helpful!
£750 first month £750 second month, then £200 balance plus whatever interest there is in the 3rd month. Would pay at the start of the month rather than waiting for the statement payment date.

phillw

femalemonarchfemalecanine said:

ah yes, sorry, amounts paid would be helpful!
£750 first month £750 second month, then £200 balance plus whatever interest there is in the 3rd month. Would pay at the start of the month rather than waiting for the statement payment date.

femalemonarchfemalecanine said:

ah yes, sorry, amounts paid would be helpful!
£750 first month £750 second month, then £200 balance plus whatever interest there is in the 3rd month. Would pay at the start of the month rather than waiting for the statement payment date.

I make it that you'd pay £17.36 in interest on the first month (21.93/12% of £950), and £3.65 interest in the second month (21.93/12% of £200). So £21.01 give or take. Each day you delay paying the £750 adds another 0.45p

femalemonarchfemalecanine

Thank you phillw, that's really helpful - and my maths wasn't too far off [once I gave you all the info!] 
Cheers, thanks for your help