If my monthly minimum payment is about $30.00 on a debt of $1200.00 what will it be if I increase my debt to $5000.00?
Md Ariful Islam
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,
এমবিএ(মার্কেটিং)
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Dr. Md Rushad Rahman
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পিজিটি(মেডিসিন)
The monthly payment typically includes 1% of the outstanding principal amount or $12.00 of the $30.00 payment. The interest rate would be $18.00 per month or $216 annually on a principal of $1200 or an interest rate of 18%. Your minimum payment on a $5000 balance would be approximately $50 in principal and $75 in interest at the same rate or a minimum of $125.
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