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Gosh I hate planning! Well anyways, does anyone know the finance charge calculation methods for both CIBC and TD bank?
And any late fees?
Bonus question: Bob buys a stereo for $650 and makes monthly payments of $21.45. Interest rate is 1.65%. How much would he still owe on month 32?
Sry for asking, I just couldn't figure it out! If you could help me I would appreciate it. Thanks! :biggrin:
eek! math *runs and hides* sorry i cant be of any help lol i wouldnt want to give you the wrong answer
Haha alright, thanks anyways. :D
ok i get 300 and something now i know that isnt right rofl where are the math ppl?
I get $320.56 which is almost definitely wrong BUT I do know that Bob needs to make higher monthly payments. LOL
I get 316.75 after 31 payments - prior to month 32s payment. frugiedh is right - seriously needs higher payments..
The interest rate for TD and CIBC is dependent on the type of card you have.. As for late fees - DONT BE LATE --- it will ruin your credit. :) The interest rate is divided annually.. so 18.5 doesnt mean per month.. It is prime (from bank of canada) and whatever they tact on to total the interest rate you pay..
The finance charge is an amount to be paid on the total balance as an additional borrowing fee..
At least this is how I understand it.
BTW -- My very handsome male Irish friend is getting $317.53
OMG THANK YOU SO MUCH GUYSSSS
You probably just saved me in Planning. =D
I got $306.80 if interest is applied to the initial principal amount during the entire 32 mths, or $187.88 if interest is recalculated on the reduced principal after each payment.
perfect travelgeek..Was hoping someone could do the calculation on a reduced principle.. :) fantastic job.