Credit card payoff · fixed payment
Credit card payoff · fixed payment: use current balance, nominal annual interest rate, fixed monthly payment. Review the formula, worked example and calculation steps.
Inputs
Use the units shown—
Enter your values and select Calculate.
Formula & explanation
Bₖ = Bₖ₋₁(1+APR/1200) − payment
Variables & units
- Current balance
- currency · minimum 0.01, maximum 1000000000000
- Nominal annual interest rate
- % · minimum 0, maximum 100
- Fixed monthly payment
- currency · minimum 0.01, maximum 1000000000000
Worked example
A zero-interest 3,000 balance paid at 150 per month takes 20 months.
Assumptions
Monthly interest approximation with no new purchases, fees or changing minimum payment. Actual cards may compound daily.
Formula version 1.0.0. JavaScript floating-point arithmetic applies. Results display up to 6 decimal places; stored values retain available precision. Use the units shown.
Practice with an example
Use the default input values to find the answer. The reset icon restores those values.
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