OT - calculating credit-card interest/APR
Atom 'Smasher'
atom at suspicious.org
Wed Sep 22 02:24:13 EDT 2004
does anyone know if i can calculate credit-card payoff using a mortgage
amortization table?
example: if i have a $1000 balance on a credit card with 12% APR, will it
be paid off after 12 monthly payments of $88.85? (that's what my mortgage
amortization table tells me)
i've googled and i still can't find a straight answer on whether or not
credit card interest/APR is comparable to mortgage interest calculations,
or if they need to be computed differently.
what i'm interested in is calculating equal-payments, NOT minimum
payments.
thanks...
...atom
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