Math

[.one.]

Hi would some one do the math for me on this please.

If some one had a credit card debt of £317 and i the interest rate was 39%

And out of the 3 months they have paid as follows.

First month £25

Second month £35

Third month £40

How much would have they paid off the £317 debt ?

many thx

 

[dante6491]

Assuming it is monthly compound interest.

317*1.39= £440.63

440.63-25= £415.63

415.63*1.39= £577.73

577.73-35= £542.73

542.73*1.39= £754.39

754.39-40= £714.39

They have increased their debt by £397.39. Sucks to be you

 

[MowyTone]

I make it £266.49 if this month is the third month

This is based on the 39% being anual and no payment protection being added on each month.


edit: to make clear £266.49 remaining

 

[dirtydog]

Maths.

 

[MowyTone]

Assuming it is compound interest.

317*1.39= £440.63

440.63-25= £415.63

415.63*1.39= £577.73

577.73-35= £542.73

542.73*1.39= £754.39

754.39-40= £714.39

They have increased their debt by £397.39. Sucks to be you

So you are saying you know of credit cards that more than double your debts in 3 months??

 

[dante6491]

As I said, monthly compound

 

[MowyTone]

so you dont know of credit cards like that then?

 

[dante6491]

Zimbabwean?

Second time round I got the remaining debt to be £223.92 on the principle that 1.357% interest compounded for 12 months equals 39%.

 

[Amp34]

I came in here toask what "Math" was, but obviously it was a type, it was meant to be "Maths" I assume.

 

[Greenlizard0]

I came in here toask what "Math" was, but obviously it was a type, it was meant to be "Maths" I assume.

many thx for the info.