Credit Card Minimum Payment
Minimum payments shrink as your balance falls, which is exactly why they stretch payoff for years.
Your numbers
Balance
$
Interest rate (APR)
%
Minimum principal
% of balance, plus interest
%
Minimum floor
$
The minimum trap
Time to pay off
,
Models the common issuer minimum: 1% of the balance plus that month's interest, with a dollar floor. Real terms vary. Illustrative.
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