How much can I expect to be charged?

Question

How much can I expect to be charged on a $500.00 cash advance with a 22.7% interest charge on my credit card per month? (What would my minimum payment be like, and how much money total would I spend on interest alone?)

Answer 1

WHY? And then WHAT do you need 500 so badly that you would take one solid year to pay that amount back?  If it is an emergency get the cash advance then go  get a second job and pay it off in a month.  Then after that is paid off continue the 2nd job until you have an emergency fund set aside that would cover a 500 emergency!

Good Luck

Answer 2

You will be charged a cash advance fee - 3 percent of the cash advance is common, which comes to $15.

Your minimum monthly payment will be equal to any fees and accumulated finance charges plus at least 1 percent of the outstanding balance.  At 22.7 percent, your finance charge will be a little over $9 for 30 days - added to 1 percent of the outstanding balance ($5), that would come to a little over $14, but most credit card companies have a minimum monthly payment equal to $15 or more.

If you only made the minimum payments each month, and your interest rate stayed the same, it would take you four years and six months to pay off the balance.  Your total finance charges would be almost $300.

If you want to pay off the balance in one year, you need to pay at least $50 per month.  In that case, your total finance charges would be approximately $60 plus the cash advance fee of $15.

Answer 3

impossible to figure unless you furnish how long you plan on paying!!! but if you just plan on paying the least amount possible than it will cost your aroound 300!!!