Balance Transfer Percentage Calculator

Formula

The formula to calculate the total fee amount for a balance transfer (F) is:

\[ F = \left( \frac{B \times P}{100} \right) \]

Where:

$ F $ is the total fee amount
$ B $ is the balance transfer amount
$ P $ is the balance transfer fee percentage

What is a Balance Transfer?

A balance transfer is the process of moving an existing credit card balance to another credit card, typically one with a lower interest rate. This can help reduce the amount of interest paid on the debt, making it easier to pay off.

Example Calculation

Let's assume the following values:

Balance Transfer Amount (B) = $5000
Balance Transfer Fee Percentage (P) = 3%

Using the formula to calculate the total fee amount:

\[ F = \left( \frac{5000 \times 3}{100} \right) = 150 \]

The total fee amount is $150.