how is the minimum monthly payment calculated for a Merrick Bank Credit Card?

Hello and Good Afternoon Everyone,

           I am wondering how the minimum monthly payment is calculated for a Merrick Bank Credit Card.

           Thank you

           George
GMartinAsked:
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JohnConnect With a Mentor Business Consultant (Owner)Commented:
Normally the simple daily interest rate posted time the beginning balance owed times the number of days in the period.  Some institutions work on the average daily balance and you would have to ask them that question.

Then there is a minimum required payment - normally $10 - designed to pay back over a long number of years. The exact calculation for this is complicated and on the back of your statement. It normally comes out to $10 for normal balances.
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GMartinAuthor Commented:
Thanks John :-)
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JohnBusiness Consultant (Owner)Commented:
You are very welcome George - Happy to help.
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