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Re: Credit card balance transfer fee problem

  • To: mathgroup at smc.vnet.net
  • Subject: [mg103382] Re: [mg103184] Credit card balance transfer fee problem
  • From: Kelly Jones <kelly.terry.jones at gmail.com>
  • Date: Sat, 19 Sep 2009 05:26:30 -0400 (EDT)
  • References: <200909101118.HAA17845@smc.vnet.net>

On 9/10/09, Kelly Jones <kelly.terry.jones at gmail.com> wrote:

> My credit card company loans me $10000 for a cash advance fee of 3%
> ($300), and an interest rate of 2% per year. I have to pay off the
> loan in 1 year, but my monthly minimum payment is only 3% of my
> outstanding balance. In other words, I can pay 3% of my balance for
> the first 11 months, and then pay off the remaining balance in the
> 12th month.

I've now created a simple website for this problem:

http://ccinvest.kellyterryjones.com/

My question: given the first five numbers as parameters (Amount
borrowed, Cash advance fee, Minimum monthly payment, Length of loan,
and Loan APR), what value of the last number (Investment ROI) makes
the bottom right column come out 0?

Of course, I'm looking for a functional answer here.

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