Question

r you have a credit with an exciting balance 1569.34 has a credit limit of 2000. and intrest rate of 12.5% you pay 150.00 each month when will the balance be below the target debt ratio to improve your credit score.

Answer 1

r you have a credit with an exciting balance 1569.34 has a credit limit of 2000. and intrest rate of 12.5% you pay 150.00 each month when will the balance be below the target debt ratio to improve your credit score.

Answer:

Exciting balance is 1569.34

If limit is 2000 than amount is 2000-1569.34=430.66

Each month payment is 150.00

After first month: 430.66-150=280.66

+interest rate 12.5%: 280.66+12.5%=315.75

After second month: 315.75-150=165.75

+interest rate 12.5%: 165.75+12.5%=186.46

After third month: 186.46-150=36.46

So finally balance below the target debt would be after fourth month