balance transfer?
Ok here goes....I have a change send suggest of 5.99% for a hold up of a loan. There is a contract price of 3% with a max of $99. we wish to send 10000 to an additional comment which has a rate of 13%. we wish to know how most it would price me in intrest for only a contract price of $99 during a rate of 12.99% if it took me 3 years to compensate a loan. we know there have been calculators which could help me with working out a price of a total loan though we only need a volume for a we goal it makes clarity to someone.
cuztis209, interjection though here is a dilema, we can't compensate off a $99 until a full change send is paid off since of a credit mark association restriction. So we will be accruing seductiveness upon 99 for a generation of a loan. we only wish to have certain which during 12.99% which price does not debase divided during a assets of you do a change send in a initial place.
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2 Responses to “balance transfer?”
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I'm not certain how to insist a calculations, though we done an Excel piece to compromise this.
If we compensate it off during a solid rate over 3 years:
$10,099 @ 5.99% for 3 years: $315.20/month (total interest: $1248.19 + $99 price = $1347.19 cost)
$10,000 @ 12.99% for 3 years: $344.77/month (total interest: $2411.88)
I consider what we questioned for is a seductiveness upon a $99 send fee. Assuming next to payments for 3 years, a seductiveness upon a $99 would be $12.24.
To demeanour during it a opposite way, we could pretence which a $99 is a final thing we would compensate off. In this box we have been profitable seductiveness upon a $99 a sum time, which leads to a sum seductiveness of $18.88.
I goal which helps! we can regulate my answer if we were seeking for something opposite as well as we review a subject incorrect. (just have an further to this subject as well as I'll come back)
Edit for comment: Sorry, we misunderstood a subject before. Every change send price I've ever paid has been during a same seductiveness rate as a change transfer. At 12.99% interest, we will compensate $43.81 seductiveness over 3 years upon a $99 send fee. Here is a regulation if we caring to check my math or control destiny calculations yourself:
Interest = Balance * (Interest Rate ^ # years) - Balance
In this case:
Interest = $99 * (1.1299 ^ 3) - $99
Interest = $99 * (1.4425) - $99
Interest = $142.81 -$99
Interest = $43.81
It appears which we wish know how most a seductiveness upon a $99 price would be. You do not need a formidable calculator. Since a $99 price will be a final thing which gets paid by what we stated. It is simple to figure during 5.99%> 99*.0599*3=$17.79 for a 3 years. At 12.99%> 99*.1299*3=$38.58.
(fee x seductiveness rate x length of time)
If we confirm to have a send 0 change a mark prior to send as well as DO NOT USE THE CARD for any latest buys given they will expected lift a aloft 12.99% seductiveness rate.
If we send a change to a mark with 5.99% rate a change send price is customarily a same rate. Considering a volume we wish to send a price is teenager being usually 1% of a send amount. Since we will be slicing a seductiveness rate to about 46% of 12.99% (12.99 * 46%=.05974 or 5.99%) to illustrate creation a rate 12.99% upon a $99 a teenager or non issue. Check with your mark issuer for a rate of seductiveness practical to a send fee.
NOTE: a small of a total have been not expect though have been really tighten to exact. See a calculators next in source to get some-more right figures.
Here have been calculations we done for we from bankrate.com
A remuneration of $307.19 upon a loan of $10099 during 5.99% would take 36 months to compensate off.
A remuneration of $336.89 upon a loan of $10000 during 12.99% would take 36 months to compensate off.
With a 5.99% loan your remuneration would be about $30.00 a month less, a assets of over $1000.00 over 3 years. The integrity is, we would compensate a price of about $140.00 to save over $1000.00 over 3 years.
I do not know how a prior print came up with $18.88 for a 12.99% rate over 3 years though we will assure we it is improper given we will be profitable roughly 39% of a $99.00 in interest.