# Credit Card Minimum Payments Calculator!

Credit Cards! These are usually the first “loans” a person takes out, and the first monthly payments! Tens of thousands of young people dig themselves deep into credit card debt before they even realize it, so have fun with this payments calculator to see how much these bits of plastic REALLY cost!

If you have already used our Compound Interest Calculator, try using the same interest rate you hoped to save at as the same amount your credit card company charges. Then double it to get a more realistic picture!

Once you have seen the impact that taking out loans can have at different interest rate and payment schemes, check out our Car Loan Calculator to see how you can budget a big purchase without losing your wallet!

Check out some of our other calculators:

Make sure you click the VIEW REPORT button below!

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Calculators from KJE Computer Solutions, LLC

## Take The Quiz!

If reading this article was an Assignment, get all 5 of these questions right to get credit!

Click "Next Question" to start the quiz!

1 of 5) Set all credit cards to 0 except for the first one. How much will it cost you in interest for $1000 on your credit card at 25% interest rate and a minimum payment of 10%, making the minimum payments? 2 of 5) For the same values:$1000 on your credit card at 25% interest rate and a minimum payment of 10%. How long will it take to pay off your credit card by making minimum payments?
3 of 5) For $10,000 on your credit card at 15% interest and a minimum payment of 5%, how long will it take to pay off your credit card by making the minimum payments? 4 of 5) If you have$1000 on your first credit card at 25% interest rate with a minimum payment of 10%, and also \$2000 on your second credit card at 10% interest rate with a minimum payment of 10% how long will it take to payoff both your credit cards if you start paying both at the same time, making the minimum payments?
5 of 5) For the values in the previous question, if you could only pay off one credit card right now and continue to make the minimum payments on the second, which would you choose?