Minimum Repayment (May 2020) – 95 years and 3 months
The month of May 2020 was was a time to get out there and spend and blow out the debt.
Closed the period at $10,237.23.
Minimum repayment for the month was $205.00
If I make the minimum repayment of $205 per month it will take me:
- 95 years and 3 months to pay off the balance
- $57,439.73 in interest charges over the 95 years
Following the advice of my bank by paying $523.48 per month this reduced interest charges:
- Pay $523.48 per month and I will pay it off over 2 years and save $55,113.43 in interest charges
But hey I will pay the full balance off before the due date.
