Determining credit card payment each month Each month credit card bill shows minimum payment, interest rate, days in billing cycle, charges and interest. These components are all you need to determine a particular months payment:

Take your beginning balance each day and add any new advances, charges and subtract any credits and payments. Then all of daily balances in billing cycle are divided by total number of days in billing cycle. This determines what is called "Average Daily Balance." Then finance charge is determined by multiplying daily periodic rate (interest rate divided by 365) by number of days in billing cycle and then multiplied by "Average Daily Balance." This determines finance charge each month.

Let's take a sample first month's payment for a credit card with a 30 day billing cycle, assuming no purchases were made with an interest rate 5.75%.

The principal balance is $76,500.

A personal loan is an amount of money offered, normally by lending institutions such as banks and building societies, on condition that it will be paid back at some later date. Personal loans are available in a whole host of formats and can range from £500 upwards.

One main difference between a personal loan and a home loan is that most personal loans are unsecured. So, that means that there is no collateral provided and only guarantee that a borrower can give lender is his reputation for good credit. This is also one of main reasons why personal loans have interest rates that are a percentage higher than most other loans.

A personal loan is money you borrow from a bank, building society or other financial institution. A personal loan is a loan that's not secured by personal property or collateral like a home or car.

A personal loan is available in varying amounts with different rates, usually depending upon purpose for which you require loan.

An unsecured personal loan is usually more expensive than homeowner loans as lender doesn't take a charge on your loan. In other words, with this type of loan, you do not guarantee it with your home.

You borrow an agreed sum of money for an agreed length of time, anywhere between five months and ten years. The lender offers you a personal loan because they make money by charging interest on it. The interest rate can be either fixed or variable. In most cases you'll get a decision within 24 hours.