Question 993528: You have a balance of $15,300 on your credit card with an 18% interest rate (1.5% per month). You pay $200 this month. Did your balance go up or down?
Answer by Theo(13342)   (Show Source):
You can put this solution on YOUR website! if your previous month's balance was 15,300 and you made no purchase duing the month, and you then paid them 200 dollars at the end of the month, than your interest charged was .015 * 15,300 = 229.5 and you paid them 200.
your balance should have gone up by 30 dollars.
but it's not quite that simple.
best to check with your bank, because they charge interest on the average daily balance.
with no additional purchases in the month, that hsould not have change.
but, if you also made purchases within the month, the calculatiolns can get tricky.
your statement should show you what went on.
if still in doubt, go to the bank and speak to a representative.
right off the bat though, 200 doesn't cover the interest charges on the outstanding debt, which are calculated to be 229.5 at that interest rate.
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