Mr. Zhang is in urgent need of money because of business turnover. This month, he has overdrawn 1, yuan from several credit cards. But the repayment date is coming, and Mr. Zhang can't take out 1 thousand yuan at once. If you can't repay on time, Mr. Zhang's personal credit will be tainted, which will have an impact on his future application for loans. Then, how should Mr. Zhang's credit card bill be repaid, by installment or according to the minimum repayment amount? Both have costs, which is lower and more cost-effective? Next, I'll help him with the credit card.

how high is the cost of installment repayment?

the credit card is in arrears of 1, yuan. If it is divided into three installments, the installment rate is 2.7%, and a handling fee of 2,7 yuan is required at maturity.

how high is the cost of repayment according to the minimum repayment amount?

The credit card debt is 1, yuan, which will be paid off in three months. It will be repaid according to the minimum repayment amount (assuming that the trading day is the day before the billing date), and the interest is calculated as follows:

The minimum repayment amount in the first month is 1, yuan, and the interest is not reflected in the bill.

in the second month, the total repayment amount becomes [residual principal of 9, yuan+interest of 1,44 yuan (1, * .5% * 18+9, * .5% * 12)] = 91,44 yuan.

at maturity, the minimum repayment amount is 9144 yuan.

in the third month, the total repayment amount becomes [principal (9144-9144) yuan+interest (9144 * .5% * 18+(9144-9144) * .5% * 3] = 84353.4 yuan.

total repayment = 84,353.4 yuan+9,144 yuan+1, yuan = 13,497.4 yuan.

the interest * * * is RMB 3,497.4, which is RMB 797.4 more than the installment repayment.

as can be seen from the above account, it is more cost-effective to handle credit card installment.