How do I Calculate the Percentage of a Credit Card Balance?
- 1). Write down your total balance from your most recent credit card statement. Find out the percentage that you must pay as your minimum principle payment. You can find it in the terms of the credit card agreement, or you can call the credit card company and ask them. It is most likely 4 percent.
- 2). Multiply the total balance by 4 percent or whatever your percentage is. For example: If your total balance due is $1,788, and your minimum percentage payment is 4 percent then the minimum principle payment is $1,788 x .04 which equals $71.42.
- 3). Write down the annual interest rate. To get a general idea of what the interest charge will be, divide the annual interest rate by 12 to get the monthly rate. You'll find the annual interest rate on your credit card statement.
- 4). Multiply the total balance by the monthly interest rate. For example: If your annual interest rate is 24 percent, the monthly interest rate is 2 percent (24/12 = 2). Two percent of $1,788.00 is $35.76.
- 5). Add the minimum payment due to the interest charge for the monthly payment. For example: If the interest charge is $35.76 and the minimum payment is $71.42, the total payment due for this month is $107.18.
Source...