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CU Succeed - Teens Financial Network
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Interest Working Against You
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How long will it take to pay the full balance on a credit card including interest charges if the holder pays only the minimum each month? This table assumes a required minimum payment of 2.5% of the monthly balance or at least $10.
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To Pay the Minimum |
OR |
The
Minimum + $25 |
| Time
Required to Pay Off Debt |
Total
Interest Expense
(17% APR) |
Amount
Owed |
Time
Required to Pay Off Debt |
Total
Interest Expense
(17% APR) |
| 12 Years
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$979
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$1,000
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2 Years,
7 Months |
$223
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| 24 Years,
4 Months |
$6,210
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$5,000
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8 Years,
8 Months |
$3,075
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| 29 Years
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$12,745
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$10,000
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12 Years,
8 Months |
$8,049
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See how Interest Can Work For You.
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