User Tag List

Results 1 to 9 of 9
  1. #1
    Lurking SCer
    Join Date
    Jan 2007
    Posts
    1,949
    Likes Received
    11
    Trading Score
    5 (100%)



    0
    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!
    This thread is currently associated with: N/A


  2. #2
    Boo Radley Conspirator roseofblack25's Avatar
    Join Date
    Aug 2006
    Location
    This side of crazy
    Age
    35
    Posts
    19,242
    Likes Received
    2212
    Trading Score
    4 (100%)




    eek! math *runs and hides* sorry i cant be of any help lol i wouldnt want to give you the wrong answer

    Search and win with SWAGBUCKS!

  3. #3
    Lurking SCer
    Join Date
    Jan 2007
    Posts
    1,949
    Likes Received
    11
    Trading Score
    5 (100%)



    Haha alright, thanks anyways. :D

  4. #4
    Boo Radley Conspirator roseofblack25's Avatar
    Join Date
    Aug 2006
    Location
    This side of crazy
    Age
    35
    Posts
    19,242
    Likes Received
    2212
    Trading Score
    4 (100%)




    ok i get 300 and something now i know that isnt right rofl where are the math ppl?

    Search and win with SWAGBUCKS!

  5. #5
    Junior Canuck
    Join Date
    Aug 2006
    Posts
    495
    Likes Received
    8
    Trading Score
    0 (0%)



    I get $320.56 which is almost definitely wrong BUT I do know that Bob needs to make higher monthly payments. LOL

  6. #6
    Smart Canuck LisaLisaBoBisa's Avatar
    Join Date
    Jun 2007
    Location
    Toronto
    Posts
    2,657
    Likes Received
    1642
    Trading Score
    80 (100%)




    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
    Last edited by LisaLisaBoBisa; Sun, Nov 4th, 2007 at 09:52 PM.

  7. #7
    Lurking SCer
    Join Date
    Jan 2007
    Posts
    1,949
    Likes Received
    11
    Trading Score
    5 (100%)



    OMG THANK YOU SO MUCH GUYSSSS
    You probably just saved me in Planning. =D

  8. #8
    Smart Canuck
    Join Date
    Feb 2007
    Location
    YYZ
    Posts
    4,662
    Likes Received
    146
    Trading Score
    3 (100%)




    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.

  9. #9
    Smart Canuck LisaLisaBoBisa's Avatar
    Join Date
    Jun 2007
    Location
    Toronto
    Posts
    2,657
    Likes Received
    1642
    Trading Score
    80 (100%)




    perfect travelgeek..Was hoping someone could do the calculation on a reduced principle.. fantastic job.

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •