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Monthly interest = balance × (APR/12). If your payment only covers the interest portion, you'll never pay off the card. Minimum payments (typically 1–3% of balance) can stretch repayment to 20+ years. The avalanche method (highest APR first) minimizes interest; the snowball method (smallest balance first) provides psychological wins. Balance transfers reset the clock but often carry a 3–5% fee.
Fixed payment each month on a declining balance (typical for cards or simple loans). APR is nominal; your issuer may calculate daily.