WOLFRAM|DEMONSTRATIONS PROJECT

Analysis of Minimum Credit Card Payments

​
principal
1000
APR
0.18
minimum percent
0.03
minimum payment
15
Comparison Table:
Min MonthlyPayment
MonthsTo Pay
TotalInterest
12
108
759
14
97
718
15
93
698
16
89
678
18
81
638
Payment Schedule:
OutstandingBalance
Payment
InterestPortion
1000
0
0
985
30
15
970
30
15
956
29
15
941
29
14
927
28
14
913
28
14
900
27
14
886
27
13
873
27
13
860
26
13
847
26
13
834
25
13
822
25
13
809
25
12
797
24
12
785
24
12
773
24
12
762
23
12
750
23
11
739
23
11
728
22
11
717
22
11
706
22
11
696
21
11
685
21
10
675
21
10
665
20
10
655
20
10
645
20
10
635
19
10
626
19
10
617
19
9
607
18
9
598
18
9
589
18
9
580
18
9
572
17
9
563
17
9
555
17
8
546
17
8
538
16
8
530
16
8
522
16
8
514
16
8
507
15
8
499
15
8
491
15
7
484
15
7
476
15
7
468
15
7
460
15
7
452
15
7
444
15
7
436
15
7
427
15
7
419
15
6
410
15
6
401
15
6
392
15
6
383
15
6
374
15
6
364
15
6
355
15
5
345
15
5
335
15
5
325
15
5
315
15
5
305
15
5
294
15
5
284
15
4
273
15
4
262
15
4
251
15
4
240
15
4
228
15
4
217
15
3
205
15
3
193
15
3
181
15
3
169
15
3
156
15
3
144
15
2
131
15
2
118
15
2
105
15
2
91
15
2
77
15
1
64
15
1
50
15
1
35
15
1
21
15
1
6
15
0
New credit card regulations in the U.S. will take effect on July 1st, 2010. Basically, credit card issuers must require higher minimum payments to shorten the customer's payback time when the customer elects to make only the minimum payment each month. This Demonstration computes a payment schedule for given credit card loan parameters and provides a comparison of the payback times for a set of different minimum payment amounts.