# Credit card calculator

Description

This calculator helps you estimate how much time and interest you can save if you repay more than your minimum repayment.

Assumptions

- This calculator does not take into account credit card fees.
- It is assumed that no additional spending on the card and no cash advances.
- This calculator does not take into account interest free period.
- The interest rate is the annual rate on your credit card and is compounded monthly.
- The minimum repayment is calculated based on the card balance and the minimum repayment % (percent) or $ (dollars) entered. It varies from month to month.
- It assumes higher amount remains constant each month.