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1
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0answers
32 views

How is minimum payment calculated for this daily amortized loan?

I'm trying to figure out how the bank calculated the minimum payment for a personal loan. Starting Principle: $6,800 Interest Rate: 13.750% Loan Term: 36 months Payment Frequency: Monthly Start ...
2
votes
3answers
193 views

Reporting a debt with $0 minimum payment on loan application

I am planning to buy a house later this year, and will be applying for a mortgage. I'm aware that part of the application will be reporting the amount I pay now for other outstanding loans (student ...
8
votes
3answers
1k views

Are there contracts for fixed pay vs. fixed pay rates?

Are there any contracts that simply pay you when/if you finish a specific project with no mention of a fixed pay/hour? If so, does this mean you can get paid under minimum wage if you take too long to ...
4
votes
3answers
309 views

Paying over the minimum mortgage payment

I have a mortgage with Wells Fargo which I just obtained a few months ago for a new home. Due to unexpected circumstances, I am no longer planning on staying in the home as long as I thought I would. ...
3
votes
3answers
274 views

Can I draw funds from a personal line of credit to pay its own monthly “minimum payment”?

I can guess the answer to this question, but I can't figure out why. So here goes... I've got an unsecured line of credit with a limit $30,000. The annual interest rate is 6%, compounded daily. ...
1
vote
1answer
247 views

Can student loan minimum payments go up upon full repayment of another?

I am in the U.S. and currently paying off student loans. Here is a hypothetical situation that shows what I am asking about: I have 5 loans (all from one financial institution) of $1,000 a piece, ...
3
votes
1answer
4k views

What exactly are minimum subsequent investment requirements?

I was looking at some mutual funds that list amounts for "initial" and "subsequent" investments under the "minimum investment" category. At first I thought that the "subsequent" requirement meant ...
12
votes
11answers
2k views

Should I pay off the credit cards now or do the monthly payments thing?

I have 3 credit cards with a total balance of about $36k. Two of the cards are at 2% and the last one is at 0%. With the current payment structure, I'll be debt free in 25 months. I recently came ...
4
votes
2answers
313 views

Calculating the most optimal way to pay off credit cards

I have 3 credit cards which I am slowly paying them off. Card# Balance Monthly Interest Months to pay of Minimum Payment at current rate Payment 1 ...
6
votes
3answers
281 views

Is the minimum investment the same as minimum balance for a mutual fund?

If my mutual fund's minimum investment is $10K, does that mean I can sell shares after a year and fall below $10K without penalty?
6
votes
3answers
638 views

Can a credit card minimum payment be less than the interest?

Answers given by someone else on this site indicated an assumption that minimum credit card payments were always at least the amount of interest that would be charged, meaning that the balance would ...
7
votes
6answers
733 views

Paying over minimum monthly charge of credit cards

I have a $80 minimum on my credit bill. If I pay them $100, do the additional $20 go to the card's Principal or Interest? If it goes to Interest, do I have to explicitly state that those $20 go to ...
9
votes
7answers
713 views

Will be debt Free in 3 years — What order should i pay off my cards?

I have budgeted to the point where i can close all credit cards i have in close to three years from now. My question is, should I simply pay 1/3 to each card (will be over minimum payment on all) OR ...
6
votes
1answer
286 views

Just noticed “Minimum Payment Warning” on my credit card statement. Did a law change or something?

I saw a new disclaimer on my credit card statement this month that is prominently displayed on the first page to the effect of: Minimum Payment Warning: If you make only the minimum payment each ...