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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: ild who wrote (42552)	9/28/2005 9:52:15 PM
From: Elroy Jetson	Read Replies (1) \| Respond to of 110194

I would never trust Elroy Jetson's simple math skills. .

To: ild who wrote (42552)	9/28/2005 11:48:24 PM
From: benwood	Respond to of 110194

Actually, the 1% applies to the remaining balance, hence decreases each month unless it gets below $15 in which case the overall minimum applies. Therefore, for a large purchase, after 100 months you can have a considerable balance remaining. To wit, for a $10,000 original balance, you'd have a $3660 balance remaining after the 100th payment. It would be paid off after the 289th month. I didn't factor in interest since you said paying all interest and fees on top of the 1%, but clearly paying interest for 24 years would be significant. month balance 1% min payment newBalance 1 10000 100 15 100 9900 2 9900 99 15 99 9801 3 9801 98 15 98 9703 4 9703 97 15 97 9606 5 9606 96 15 96 9510 ... 97 3810 38 15 38 3772 98 3772 38 15 38 3735 99 3735 37 15 37 3697 100 3697 37 15 37 3660 ... 285 71 1 15 15 56 286 56 1 15 15 41 287 41 0 15 15 26 288 26 0 15 15 11 289 11 0 15 11 0