[quote=blackberrybunny;3293899]I need to buy a Honda scooter and it costs $3,400. Maybe you saw my math question in the forum, about figuring out interest rates? Well if so, then you know I need $2,500 pretty much, to cover the cost. I already have $1,000 in cash and I need about $2,500 more. Maybe only $2,000. How do I get this money, I am wondering..........

I have enough credit on a credit card to put the entire purchase down. The credit card has an interest rate of 3.9% until Dec. of 2010, over a year away. Then it jumps up to 14.2%. Is this an option I should consider? I could put the entire amount down on the cc, then send in a $1,000 payment immediately...is this a bad idea? I think so.......



QUOTE]


Hi!! If you put the $1,000 down, then you have a balance of $2,500, right? I went to this site to caculate what it would take if you used your credit card for the remainder of the balance:
What will it take to pay off my credit card?

If you went with $2,500 and paid it off in a year, the payments would be $213
Payoff amount in total would be $3556 which includes your down payment of $1,000.

If you went with $2,000 and paid it off in a year, the payments would be $171
Payoff amount in total would $3552 which includes your down payment of $1,500.

If you put the entire $3,400 on the card, the payments would be $290 and the payoff would be $3480.

Hope the calculator helps you some.


Debbie