Calculate your monthly payment. Multiply the average daily balance by the percentage the credit card issuer sets for your account. If the percentage is 2.5 percent, then on a balance of $2,000, your monthly payment works out to $50. Find the portion of your monthly payment applied to the principal balance you owe.What is the credit card interest rate formula?
Calculating Credit Card Interest Calculate the monthly interest amount. For each cell in Row 6 where you have an account enter the following formula: "=[Letter]2*[Letter]3/12" in the cell and hit the Enter key. Compare interest to principal payments.What is credit card payoff?
The Payoff Loan is designed to allow you to take control of your finances and pay your credit cards off faster. This is made possible by consolidating your high-interest card balances into one monthly payment at a fixed rate and term.