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Last Updated 03/22/12

Simulation of Credit Card Interest

To reference this educational web simulation according to the APA style for Web references, use:

Lampotang S, Carr RM, Lizdas D, Gravenstein N (2006):  Web Simulation of Credit Card Interest   Retrieved <insert date of retrieval here>, from University of Florida Department of Anesthesiology Virtual Anesthesia Machine Web site: /simulations/interest.html

This interactive simulation of compound interest begins with a $10,000 balance on a credit card. The monthly payment amount (default $500) represented by each dollar bill icon can be adjusted with the Payment slider bar.

The interest rate (default 25% APR) can be changed with the Interest slider bar. Payments can be added by clicking on the piggy bank and dragging a dollar bill icon onto a desired location on the timeline. Similarly, payment can be skipped by clicking and dragging a dollar bill icon away from the timeline. This simulation predicts how given payments and interest rate will affect the balance over time. This simulation is intended as a free community service to teach personal finance and the dynamics of compound interest.