Credit Card Debt Calculator can be used to calculate the total interest paid and the total amount due on a credit card debt over a certain period.
Learn how to use the Credit Card Debt Calculator and its working principle.
The Credit Card Debt Calculator helps you calculate the total interest paid and the total amount due on a credit card debt over a certain period. To use the calculator, enter the principal amount, annual interest rate, monthly payment, and duration in months. The calculator will then calculate and display the total interest paid and the total amount due.
The formula used for the calculation is based on the compound interest formula. The total interest paid is calculated by taking the difference between the total amount due and the principal amount.