Credit Card Payments What is the balance? What is the annual interest rate? What is your monthly payment?

Example You have a balance of $1500 Your annual interest rate is 19% You make the minimum payment, which is either 2% of your balance or at least $25

Set up an amortization table Only difference to the table we set up for the car loan: Payment = balance x 0.02 if this is larger than $25 Payment = $25 if balance x 0.02 is less than $25 In Excel: =max(B3*0.02,25) The max function will automatically pick the larger of the two values