|
Calculating the Cost of Credit Card Purchases
Interest rate: 18% (APR), 1.5% monthly Annual fee $49
|
Month |
Balance |
Payments |
Purchases |
Interest & Fee |
Interest & Fee (Cumulative) |
|
1 |
$3,000 |
$200 |
$115 |
$49 + $45 |
$94 |
|
2 |
$3,009 |
$200 |
$115 |
$45.14 |
$139.14 |
|
3 |
$2,969.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
