{"id":20405,"date":"2018-03-28T10:41:03","date_gmt":"2018-03-28T14:41:03","guid":{"rendered":"https:\/\/outgrow.co\/blog\/?p=20405"},"modified":"2024-03-07T03:31:58","modified_gmt":"2024-03-07T08:31:58","slug":"how-to-build-a-credit-card-calculator","status":"publish","type":"post","link":"https:\/\/outgrow.co\/blog\/credit-card-calculator","title":{"rendered":"Credit Card Repayment Calculator, Build your Own"},"content":{"rendered":"
We\u2019ve all been there – a new month begins and it\u2019s time to pay off bills. However, all bills are not equal – some are minor inconveniences while others have you begging for sweet release. <\/span>Your credit card bill falls under the second category. While we may not be able to help you pay off your bills, we can definitely help you create a credit card repayment calculator to determine the number of days until the sweet release.<\/span><\/p>\n Outgrow<\/span><\/a> allows you to build a wide range of calculators with complex formulas and logical statements. Here we\u2019ll go through the steps involved in creating a credit card debt calculator.<\/span><\/p>\n The <\/span>Credit Card Equation<\/span><\/strong> calculator computes the amount of time required to pay off a credit card debt, or other fixed-rate loans, based on the (<\/strong><\/span>APR<\/span><\/strong>)<\/strong>, total balance (<\/strong><\/span>b<\/span><\/strong>),<\/strong> and the monthly payment (<\/strong><\/span>p<\/span><\/strong>)<\/strong>, where<\/span><\/p>\n Here, we’ll walk through creating a credit card debt calculator, a timely tool considering the average American’s credit card debt rose to $5,910<\/a> (nearly $6,000) in 2022, according to Experian. This calculator will help you understand how long it might take to pay off your own credit card debt, given the interest rate, balance, and monthly payment amount.<\/p>\n The formula in play here is –<\/span><\/p>\n M = P(1+r)<\/span>n <\/span>r \/ [(1+r)<\/span>n<\/span>-1]<\/span><\/p>\n N=<\/span> \u22121\/30\u22c5ln(1+bp\u22c5(1\u2212(1+APR365)30))\/ln(1+APR365)<\/span><\/p>\n Also Check:<\/strong>\u00a0More details about the calculations<\/a><\/span><\/em><\/p><\/blockquote>\n For starters, you\u2019ll need the following inputs from the users<\/span><\/p>\n Q1. Your credit card balance 1. As with any interactive experience, you need to <\/span>start off by adding the questions<\/strong>. You can do this by logging into the Outgrow app and accessing the builder. In the builder, you can add questions on the left panel by using the text editor on the right panel.<\/span><\/p>\n <\/p>\n 2. Once you\u2019re done with the questions, it\u2019s time to <\/span>define the input methods<\/strong> for each question in the calculator. You can choose between text inputs, drop-down, multi-select, single select, opinion scale, rating, and numeric slider.<\/span><\/p>\n Note:<\/strong> If you are using a numerical slider, do not forget to mention the upper and lower limits along with the step-length.<\/em> <\/p>\n 3. Now, it’s time to add the formula to the mix to accomplish the goal of creating this calculator.<\/span><\/p>\n The formula for calculator the time to pay off credit card debt is – (log((1-((Q2\/1200)*Q1\/Q3)),10))\/(log(1+(Q2\/1200),10))<\/span><\/p>\n You can copy and paste this to the formula builder<\/strong>. See it in action in the screenshot below.<\/span><\/p>\n <\/p>\n Here, we have divided Q2 by hundred because we are capturing these inputs in % form<\/span><\/p>\n In the formula builder:-<\/span><\/p>\n Note:<\/span><\/strong> You can also use <\/span>JSON to import<\/span><\/a> formulae into the builder<\/span><\/em><\/p><\/blockquote>\n Once you are done setting up the formula, you can focus on lead generation<\/strong>. This is the most important part in the whole process. Did you know – the use of <\/span>an interactive calculator has helped Venturepact<\/a> <\/span>generate 12x more leads? Thus, it makes sense to focus more on adding the lead gen form.\u00a0 Place the lead gen form just before the results. <\/span><\/p>\n Once this is done, you can make changes to the SEO settings<\/strong> to promote the calculator and generate a greater number of leads.<\/span><\/p>\n <\/p>\n You can also explore our promotion checklist to learn about different ways to promote your calculator.\u00a0<\/span><\/p>\n Also Check<\/strong>: 9 Best Practices to Promote Your Calculator<\/a><\/span><\/em><\/p><\/blockquote>\n Witness the credit card calculator in action <\/span>here<\/span><\/a>.<\/span><\/p>\n\n
\nNow that we know the formula, let\u2019s understand how you can create a credit card calculator using Outgrow.<\/span><\/p>\nStep-by-Step Process to Create Credit Card Repayment Calculator<\/strong><\/h2>\n
\n<\/span>Q2. Credit card interest rate
\n<\/span>Q3. Payment amount per month<\/span><\/p>\n
\n<\/span><\/p><\/blockquote>\n\n
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The Next Steps<\/strong><\/h2>\n
\nYour credit card repayment calculator is ready. Now you can help a friend in credit card debt by <\/span>mailing the calculator to him\/her<\/span><\/a>.<\/span><\/p>\n