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How to Calculate Credit Card Payoff

Calculate how long it takes to pay off your credit card balance and total interest paid.

The Formula

n = -log(1 - r*B/P) / log(1+r)

The credit card payoff formula uses the mathematical relationship: n = -log(1 - r*B/P) / log(1+r). Each variable in the formula represents a measurable quantity that affects the final result.

Step-by-Step Method

  1. 1Identify all input values needed for the credit card payoff calculation.
  2. 2Substitute your known values into the formula: n = -log(1 - r*B/P) / log(1+r).
  3. 3Perform the arithmetic operations in the correct order (PEMDAS/BODMAS).
  4. 4Check that your result has the correct units and is within a reasonable range.
  5. 5Verify using the interactive Credit Card Payoff Calculator to confirm your answer.

Related Topics

credit cardpayoffdebtinterestmonthly payment

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