Analysis of Minimum Credit Card Payments
 To ensure the credit card loan can be repaid at some time, the minimum payment switches from the minimum payment percentage (applied to the outstanding balance) to a fixed minimum payment amount, when this percentage-based minimum payment is lower than the minimum payment amount specified by the user. Principal is the original outstanding loan amount. APR is the annual percentage rate that the credit card company charges the customer. Minimum percent is the percentage of the outstanding balance that is required to be repaid at a minimum, as long as it is still larger than the minimum payment amount. Minimum payment is the (fixed) minimum payment amount to be repaid when the percentage-based minimum payment becomes lower.  "Analysis of Minimum Credit Card Payments" from The Wolfram Demonstrations Project http://demonstrations.wolfram.com/AnalysisOfMinimumCreditCardPayments/ Contributed by: Andreas Lauschke | ||||||||||||||
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