Yelf said: Let's use $10K as a starting point and the balance most likely won't be paid off in 12 months. Say a $400 monthly payment.
Any calculators out there to help working the #'s? Found a few showing interest/balance after each month. Thanks for any help! Depends on the interest rate after 12 mo. 0% promo. Assuming 400/mo constant payment, 11% seems about the breakeven. If the rate after 12 mo. promo is > 11, go with 5.99%, otherwise, go with 0% promo. Amortization table under both scenarios (using Excel) is below --- balance at end of each month. Scenario 1: 5.99% fixed APR Scenario 2: 3% upfront fee, 0% for 12 months, 11% after that. 10k borrowed and 400/mo payment in both cases.
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