1. What is This Calculator?

This calculator estimates the time needed to pay off Standard Bank credit card debt in Mauritius using your current balance, monthly payment, and annual interest rate.

2. How Does the Calculator Work?

The calculator uses the debt payoff formula:

Where:

• \( P \) — Principal balance (MUR)
• \( D \) — Monthly payment (MUR)
• \( R \) — Monthly interest rate (APR / 12, as decimal)
• \( T \) — Time to payoff (months)

Explanation: The formula calculates how many months it will take to pay off your credit card debt based on your current payment amount and interest rate.

3. Importance of Debt Payoff Calculation

Details: Understanding your payoff timeline helps with financial planning and shows the impact of increasing payments or reducing interest rates.

4. Using the Calculator

Tips: Enter your current credit card balance, your monthly payment amount, and the annual percentage rate (APR). All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: Why is my payoff time so long?
A: If your monthly payment is close to the minimum payment, it will take much longer to pay off due to accumulating interest.

Q2: How can I pay off my debt faster?
A: Increase your monthly payment, reduce your interest rate (through balance transfers or negotiations), or make bi-weekly payments instead of monthly.

Q3: Does this include fees?
A: No, this calculation only considers principal and interest. Late fees or other charges would extend the payoff time.

Q4: What if I make additional payments?
A: Additional payments will reduce your payoff time. Recalculate with your new total monthly payment amount.

Q5: Is this accurate for Standard Bank Mauritius cards?
A: Yes, this uses Standard Bank Mauritius's standard credit card interest calculation method.