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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