Credit Card Payoff worksheet

1. Required monthly payment: $234.95

1. Turn the yearly rate (APR) into a monthly rate by dividing by 12, because the card adds interest every month

   $i$$=\frac{0.24}{12}$$=0.02$

2. Find the monthly payment. A standard formula gives the one amount that clears your balance, with interest, in 28 months

   $\frac{\mathrm{\$5,000.00}\times 0.02}{1-{\left(1+0.02\right)}^{\mathrm{-28}}}$$=\mathrm{\$234.95}$

3. Find the total interest: all your payments added up, minus what you owed at the start

   $\mathrm{\$234.95}\times 28-\mathrm{\$5,000.00}$$=\mathrm{\$1,578.55}$

2. Months to pay off: 20

1. Turn the yearly rate (APR) into a monthly rate by dividing by 12, because the card adds interest every month

   $i$$=\frac{0.21}{12}$$=0.0175$

2. Check that your payment is bigger than the first month's interest. If it isn't, the balance never goes down

   $\mathrm{\$3,600.00}\times 0.0175$$=\mathrm{\$63.00}$

3. Find the exact number of payments (n). A standard formula, using the ln (natural log) button, solves for it

   $n$$=19.4472$

4. Round up to whole months, because you can't make part of a payment. The last one only clears what's left

   $\text{months to pay off}$$=20$

5. Find the total interest: 19 full payments plus a final $98.85, minus what you owed at the start

   $\left(\mathrm{\$220.00}\times 19+\mathrm{\$98.85}\right)-\mathrm{\$3,600.00}$$=\mathrm{\$678.85}$

6. Put it in years and months

   $\text{1 year and 8 months}$

3. Required monthly payment: $295.69

1. Turn the yearly rate (APR) into a monthly rate by dividing by 12, because the card adds interest every month

   $i$$=\frac{0.29}{12}$$=0.02416667$

2. Find the monthly payment. A standard formula gives the one amount that clears your balance, with interest, in 22 months

   $\frac{\mathrm{\$5,000.00}\times 0.02416667}{1-{\left(1+0.02416667\right)}^{\mathrm{-22}}}$$=\mathrm{\$295.69}$

3. Find the total interest: all your payments added up, minus what you owed at the start

   $\mathrm{\$295.69}\times 22-\mathrm{\$5,000.00}$$=\mathrm{\$1,505.19}$

4. Months to pay off: 27

1. Turn the yearly rate (APR) into a monthly rate by dividing by 12, because the card adds interest every month

   $i$$=\frac{0.23}{12}$$=0.01916667$

2. Check that your payment is bigger than the first month's interest. If it isn't, the balance never goes down

   $\mathrm{\$5,000.00}\times 0.01916667$$=\mathrm{\$95.83}$

3. Find the exact number of payments (n). A standard formula, using the ln (natural log) button, solves for it

   $n$$=26.8454$

4. Round up to whole months, because you can't make part of a payment. The last one only clears what's left

   $\text{months to pay off}$$=27$

5. Find the total interest: 26 full payments plus a final $203.20, minus what you owed at the start

   $\left(\mathrm{\$240.00}\times 26+\mathrm{\$203.20}\right)-\mathrm{\$5,000.00}$$=\mathrm{\$1,443.20}$

6. Put it in years and months

   $\text{2 years and 3 months}$

5. Required monthly payment: $333.97

1. Turn the yearly rate (APR) into a monthly rate by dividing by 12, because the card adds interest every month

   $i$$=\frac{0.2}{12}$$=0.01666667$

2. Find the monthly payment. A standard formula gives the one amount that clears your balance, with interest, in 26 months

   $\frac{\mathrm{\$7,000.00}\times 0.01666667}{1-{\left(1+0.01666667\right)}^{\mathrm{-26}}}$$=\mathrm{\$333.97}$

3. Find the total interest: all your payments added up, minus what you owed at the start

   $\mathrm{\$333.97}\times 26-\mathrm{\$7,000.00}$$=\mathrm{\$1,683.14}$

6. Months to pay off: 36

1. Turn the yearly rate (APR) into a monthly rate by dividing by 12, because the card adds interest every month

   $i$$=\frac{0.17}{12}$$=0.01416667$

2. Check that your payment is bigger than the first month's interest. If it isn't, the balance never goes down

   $\mathrm{\$5,500.00}\times 0.01416667$$=\mathrm{\$77.92}$

3. Find the exact number of payments (n). A standard formula, using the ln (natural log) button, solves for it

   $n$$=35.0895$

4. Round up to whole months, because you can't make part of a payment. The last one only clears what's left

   $\text{months to pay off}$$=36$

5. Find the total interest: 35 full payments plus a final $18.02, minus what you owed at the start

   $\left(\mathrm{\$200.00}\times 35+\mathrm{\$18.02}\right)-\mathrm{\$5,500.00}$$=\mathrm{\$1,518.02}$

6. Put it in years and months

   $\text{3 years}$

7. Required monthly payment: $287.00

1. Turn the yearly rate (APR) into a monthly rate by dividing by 12, because the card adds interest every month

   $i$$=\frac{0.225}{12}$$=0.01875$

2. Find the monthly payment. A standard formula gives the one amount that clears your balance, with interest, in 20 months

   $\frac{\mathrm{\$4,750.00}\times 0.01875}{1-{\left(1+0.01875\right)}^{\mathrm{-20}}}$$=\mathrm{\$287.00}$

3. Find the total interest: all your payments added up, minus what you owed at the start

   $\mathrm{\$287.00}\times 20-\mathrm{\$4,750.00}$$=\mathrm{\$990.04}$

8. Months to pay off: 21

1. Turn the yearly rate (APR) into a monthly rate by dividing by 12, because the card adds interest every month

   $i$$=\frac{0.24}{12}$$=0.02$

2. Check that your payment is bigger than the first month's interest. If it isn't, the balance never goes down

   $\mathrm{\$5,000.00}\times 0.02$$=\mathrm{\$100.00}$

3. Find the exact number of payments (n). A standard formula, using the ln (natural log) button, solves for it

   $n$$=20.0631$

4. Round up to whole months, because you can't make part of a payment. The last one only clears what's left

   $\text{months to pay off}$$=21$

5. Find the total interest: 20 full payments plus a final $19.42, minus what you owed at the start

   $\left(\mathrm{\$305.00}\times 20+\mathrm{\$19.42}\right)-\mathrm{\$5,000.00}$$=\mathrm{\$1,119.42}$

6. Put it in years and months

   $\text{1 year and 9 months}$

9. Months to pay off: 54

1. Turn the yearly rate (APR) into a monthly rate by dividing by 12, because the card adds interest every month

   $i$$=\frac{0.2}{12}$$=0.01666667$

2. Check that your payment is bigger than the first month's interest. If it isn't, the balance never goes down

   $\mathrm{\$6,000.00}\times 0.01666667$$=\mathrm{\$100.00}$

3. Find the exact number of payments (n). A standard formula, using the ln (natural log) button, solves for it

   $n$$=53.6806$

4. Round up to whole months, because you can't make part of a payment. The last one only clears what's left

   $\text{months to pay off}$$=54$

5. Find the total interest: 53 full payments plus a final $116.01, minus what you owed at the start

   $\left(\mathrm{\$170.00}\times 53+\mathrm{\$116.01}\right)-\mathrm{\$6,000.00}$$=\mathrm{\$3,126.01}$

6. Put it in years and months

   $\text{4 years and 6 months}$

10. Required monthly payment: $318.22

1. Turn the yearly rate (APR) into a monthly rate by dividing by 12, because the card adds interest every month

   $i$$=\frac{0.29}{12}$$=0.02416667$

2. Find the monthly payment. A standard formula gives the one amount that clears your balance, with interest, in 20 months

   $\frac{\mathrm{\$5,000.00}\times 0.02416667}{1-{\left(1+0.02416667\right)}^{\mathrm{-20}}}$$=\mathrm{\$318.22}$

3. Find the total interest: all your payments added up, minus what you owed at the start

   $\mathrm{\$318.22}\times 20-\mathrm{\$5,000.00}$$=\mathrm{\$1,364.33}$