In paying my credit card bill how much goes towards paying off the balance on the credit card?

I have a starting balance of $2500 plus an interest charge of $31.25. If I make only the minimum payment, how much goes towards interest and how much goes towards paying off the balance on the credit card? I need to know dollars and percents|||Not trying to appear a smart aleck here, Mary, but your question does need a bit of clarification. It really depends upon your minimum payment. Looks like if I "back" calculated it correctly, your card charges you 15% apr on your balances. That $31.25 is 15% of a $2500 balance on an annualized basis. So you take a look at your minimum payment schedule. Most credit cards have about a 2% minimum payment; some 4%. 2% of $2500 is: $50; 4% of $2500 is $100. IF your minimum payment is $50, then only $18.75 is going toward the balance; if it's $100, a little more, $68.75 is going toward the principal balance, given that $31.25 is going toward interest.





Hope that helps!|||The minimum payments are 2.5% of the balance. I would need to know your interest rate to tell you exactly, but assuming 18% it would take 62 months





Principal borrowed: $2,500.00


Regular Payment amount: $62.22


Final Balloon Payment: $0.00


Interest-only payment: $37.50


*Total Repaid: $3,857.64


*Total Interest Paid: $1,357.64


Total Payments: 62 (5.17 years)


Annual interest rate: 18 .00%|||well then, $25 goes toward principal (1% x $2500). Unless this $2500 is just a budget buster for Christmas, you look headed toward trouble. It should state on your statement how long it will take you to pay off this debt is you only pay the minimum (so try to pay more, like $100 principal each month).|||http://www.bankrate.com/calculators/cred鈥?/a>








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Bookmark this site: bankrate.com|||Well...WHAT IS THE MINIMUM PAYMENT AMOUNT?? Using simple math, if your minimum payment is $100, then obviously $31.25 (31.25%) is going towards interest and the remaining $68.75 (68.75%) is going towards the balance.