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Credit card calculations
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TSZoo Howl
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 Feb 10 2022, 11:04 PM, updated 4y ago
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Hi guys. I have a question about credit card monthly instalment
So lets say before this i have zero outstanding with my card, today is my first time swiping it with a RM1600 amount
Minimum payment or 5% of RM1600 is RM80
So if i paid RM1000 before my due date, which is more than the minimum payment, but i still have balance of RM600. With 18% interest per annum, what will be my next month outstanding balance after adding the interest because i failed to pay in full?
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TSZoo Howl
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Feb 11 2022, 12:04 AM
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QUOTE(WaCKy-Angel @ Feb 10 2022, 11:14 PM) Roughly i think RM600 + 1.5% interest Oh ya and any new spending will also immediately charged interest as well, no more free interest until statement. Yup. Tq for the advice QUOTE(hye @ Feb 10 2022, 11:24 PM) I won't say that you failed to pay in full but you choose not to pay in full. Coz it is a conscious decision to do so. The amount due on the 2nd month would be RM600 * 1.5% = RM609. There is an online calculator for this - https://www.akpk.org.my/tools?qt-tools=1#qt-toolsUsing the same calculator if you opt to pay minimum every month, it'll take 13 months to pay all the dues and the payable cumulative interest is RM69. Thanks! I plan to settle it off in the second month |
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