What will it cost to make minimum payments of 4% ($40) on a $1,000 outstanding credit card balance?

According to the Credit Card Smarts Calculator from Advantage Publications, a $1,000 debt on a credit card that has an 18% annual percentage rate (APR) repaid by making 4% minimum monthly payments will take 6 years to pay off and cost $1,465, including $465 in interest. This assumes that no additional charges are made. If you can pay 6% of the outstanding balance ($60 per month), you will cut the repayment time by two years and save $399 in interest.…