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Definitions
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| Credit cards: |
Enter up to 10 credit card accounts, one on each line. |
| Balance: |
Your current balance on your credit card. |
| Interest rate: |
The annual percentage rate you pay on this credit card. The rate you
enter is used to calculate the interest on all future payments for the
credit card. The length of time to payoff this credit card may be much
greater than calculated if you enter a low promotional interest rate that
is only good for short period of time.
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| Auto loans: |
Click on the details button to enter any auto loans you may have. The
details page is designed to let you enter your current monthly payment,
the term (in months), the starting balance, the number of months you have
left. It then calculates your outstanding balance and interest rate. You
can enter up to three installment loans.
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| Other loans: |
Click on the details button to enter any additional installment loans
you may have. The details page is designed to let you enter your current
monthly payment, the term (in months), the starting balance, and the
number of months you have left. It then calculates your outstanding
balance and interest rate. You can enter up to six installment
loans.
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| Payment: |
This is your initial monthly payment. If you checked the "use credit
card minimum payments" box, your monthly payment is calculated as 2% of
your current outstanding balance. With the "use credit card minimum
payments" box checked, your monthly payment will decrease as your balance
is paid down. This can greatly increase the length of time it takes to pay
off your credit cards. Uncheck this box to enter your own monthly payment
that will remain the same until your balance is paid in full.
(We calculate your minimum monthly payment as 2% of your current
outstanding balance. While your actual minimum monthly payment may be
slightly different, this is one of the most common methods used by credit
card companies to calculate minimum payments.)
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Information and interactive calculators are made available to you as self-help tools for your
independent use. We can not and do not guarantee their accuracy or their
applicability to your circumstances. We encourage you to seek personalized
advice from qualified professionals regarding all personal finance
issues.
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