bougt dell with cc.. need some help

cc= credit card i used a TD canada trust normal green one with some 19% thing : )

anywho this is canadian and id like some help (thanks) since im realy scared. I bought this laptop for 2600 something after tax and all on the cc but wondering how much id have to pay for monthly interest? can someone give me an estimate? in canadian dollars. Is it 19% of what i owe everymonth? god i hope not some one helpp

its my moms card btw, she let me use it.

 

If you cant figure out the monthly interest, then you are not old enough to order laptops

Yearly interest is 2600*.19; monthly will be 2600*.19/12= 41.2$
In general its a very BAD idea to be paying CC interest - buy only what you can immediately pay off.

 

well i dunno my brother was telling me its 19% monthly and thats like 500 or something so i thought id ask

 

19% is awful high interest! However it should be over a 1 year period of time as a previous poster indicated.

The payments required by the cc will be low since they only expect you to pay all the interest plus some miniscule amount to go towards the principal, the amount you actually owe. I'd suggest that you plan to make payments at least double of the minimum they are asking.

This site link can help you understand how much you will have to pay over the life of the credit. All you need to do is put in the amount to be financed and the interest rate; it will calculate the minimums from there.

Also, consider calling your cc company and asking them how the rate is to be calculated, they can give you a definite answer.

Finally, unless this is your first credit card, or you have a troubled credit history, I'd suggest you look for another credit card company because you should certainly be able to get better than 19%. If not, consider a personal loan from a bank, should be near 10%.

Additionally, did you recently purchase this laptop? 2600 seems pretty high to me for a laptop unless you got the XPS. I recently purchased one of these laptops, the E1705 at a considerably lower price and got a pretty powerful machine for about 1400 American with the $750 coupon applied. This may be a little out of line, but I can't help but thinking of suggesting the idea. Do your mom a favor and cancel the order if you still can and order a different more modestly configured PC. 19% is pretty expensive, that will be approximately $42.8 per month just for the interest part of the payment.

Another suggestion, if you already have the computer, really just have to have that configuration, or can't cancel for any other reason look to see if you can get a lower interest rate card or a 0% card. You can find some that can be 0% as long as a year. Check out this link
out for possible deals. They can usually do a balance transfer, try and find one with a low cost to transfer, some will do it for free. Finally as I mentioned before, look to see if the bank will do a lower cost loan.

Good luck.

Regards,

Mike

 

as PanamaMike said you should look to get a different credit card that will offer an introductory 2-5% interest balance transfer. This will amount to 2-5% interest on the YEAR cutting down those payments by a huge amount.