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Credit Card Balance Payoff Calculator - Glossary:
Using our credit card balance payoff calculator, can help to estimate, determine how many months it will take to pay off the balance.
Credit Card Balance
Credit card issuer offers an option to the card member to convert all or part of their credit card account outstanding balance into a loan.
Rate of Interest
Agreed Interest rate under the terms of loan agreement.
Balance Payoff (Months)
Agreed - Length of loan repayment.
A loan is the money lent by one party to another - commonly by financial entities like Bank, Co-operative Unions and in some cases approved licensed individual to lend an individual or a firm by obtaining a security or with good a faith.
Amortized fixed monthly payment consist of principal and interest to be paid over the entire loan term.
Total Principal Paid
Amount paid towards repayment of loan principal.
Total Interest Paid
Amount paid towards repayment of loan interest.
Total of interest and principal paid for the period of the loan term.
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