I am a college student and used my credit card to buy about $500 in textbooks while I waited for my financial aid to be distributed. My APR is around 19%.
I would like to pay $250 this month so I can hold onto my financial aid until I'm done paying for school things, but I don't want to have to pay a ton of interest.
Does this mean that if I pay off $250 of it this month, I will incur about $50 in interest, so that my remaining balance will be $300? Or does the APR work differently than that? Any explanation will help.
Tags: