TW people that are good at math

T

Thumper

Veteran X
Heres the story.

I have a credit card that I owe $12,800.00 on

I pay $300 every two weeks for 26 payments a year totalling $7800 a year.

My interest rate is 11.29%

How long will it take me to pay it off and what would I be paying in interest in the end? I know each month the amount drops due to payments but I dont know how to figure that out.

The reason I ask is that I can take out a loan agains't my retirement money at 2.15% however the money is deducted from my paycheck so I cant fudge it if I need some extra cash and ill lose the interest on the money I take out.

Thanks in advance
 
Maybe if you brushed up on your math a bit, you'll see why 11% interest rate and a balance like that isnt really a good financial move.
 
If you don't understand money, then don't go almost 13,000 into debt. What ever happened to people living within their means
 
google amoritization

im sure there is a calculator out there somewhere where you can plug in the payment and figure out the length (instead of the normal way where the term is fixed)
 
Assuming you don't buy anything else on it, 2 years.

Be pretty dumb not to take out a 2.15% loan to pay it off immediately.
 
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