I have a credit card with an outstanding balance and I am trying to work out when I will complete paying it off.
It is a UK credit card (where I am based) and I do not spend on it. I pay 150 per month.
I cannot for the life of me work out how the interest figures are calculated. Here are the details from a recent statement.
Statement date: 10 Sep 2012 Opening balance: 3176.59 Payment received on 3 Sep 2012: 150.00 Interest on balance transfers at 0.032% per day: 27.73 Interest on purchases at 0.032% per day: 5.74 Closing balance: 3060.06
The interest for both components of the balance is stated as 0.032% per day or 12.45% per annum.
I have tried multiple methods and simply cannot reach the figures quoted as interest charges however I try.
Anyone care to have a go? I'd be most grateful.