Payoff The Credit Card Debts With The Minimum Payment

If our credit cards debts was $ 5,000 (with no more additional debt during the repayment,  with a minimum payment of 2.5% or a minimum of $ 20, and with 17 % APR.

The calculation would be:

The minimum payout percentage = 2.5% x $ 500 = $ 125

In comparison, the $ 125 is higher than $ 20, then the credit card company will choose $ 125 as the minimum payment each month.

It will take you 32 months to pay off your debt, if you make minimum monthly payment on a balance without adding another debt , In that time, you will pay $ 122 in interest charge.

Month	Minimum	Principal	Interest	Remains	Total
	Payment ($)	Paid  ($)	Paid ($)	Balance ($)	Interest ($)
1	20	13	7	487	7
2	20	13	7	474	14
3	20	13	7	461	21
4	20	13	7	447	27
5	20	14	6	434	34
6	20	14	6	420	40
7	20	14	6	406	46
8	20	14	6	391	51
9	20	14	6	377	57
10	20	15	5	362	62
11	20	15	5	347	67
12	20	15	5	332	72
13	20	15	5	317	77
14	20	16	4	302	82
15	20	16	4	286	86
16	20	16	4	270	90
17	20	16	4	254	94
18	20	16	4	237	97
19	20	17	3	221	101
20	20	17	3	204	104
21	20	17	3	187	107
22	20	17	3	169	109
23	20	18	2	152	112
24	20	18	2	134	114
25	20	18	2	116	116
26	20	18	2	97	117
27	20	19	1	79	119
28	20	19	1	60	120
29	20	19	1	41	121
30	20	20	1	21	121
31	20	20	0	2	122
32	2	2	0	0	122