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Interest Cost Explainer With My Numbers

Table output Has example

Understand what a loan or card actually costs.

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[VERIFY] is an editorial flag, not a blank to fill. Wherever the prompt shows [VERIFY], check that item against a reliable source before you use it.

Explain the cost of a debt using my numbers. Type of debt: [DEBT_TYPE]. Balance: [BALANCE]. Interest rate and how it is quoted (APR, monthly, flat): [RATE]. Payment I make or am considering: [PAYMENT]. Fees: [FEES].

Show, with arithmetic, the interest charged in month one, the principal paid, and the balance after twelve months, in a table for the first 12 months. Then compute how many months it takes to repay and the total interest for three payment levels: the current one, 25 percent higher, and 50 percent higher. Explain the difference between nominal and effective rates in plain language and state any assumptions. Mark anything about legal rights or consumer-credit rules [VERIFY] for [JURISDICTION]. Do not tell me whether to take out a loan.

Please keep the answer educational and avoid personal investment recommendations. If a rule differs by place, say so and tell me to confirm it with a professional in [JURISDICTION].

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Debt: card balance 1,200, APR 20% (monthly 1.667%), payment 60.
Month 1 interest: 1,200 x 0.01667 = 20.00; principal paid 40.00; balance 1,160.
After 12 months: balance about 675.
Months to repay at 60: about 25; total interest about 290.
At 75 (25% higher): about 19 months; interest about 210.
At 90 (50% higher): about 15 months; interest about 165.
Nominal vs effective rate: 20% quoted as a nominal annual rate compounded monthly is about 21.9% effective.
Rules on how rates must be quoted differ: mark legal rights [VERIFY] for [JURISDICTION]. No advice on whether to borrow.

• debt