“How does monthly payment word And do I have to pay the monthly fee when I first get it or when do I get it and is the first payment high? If you could answer thanks.”
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Hi, I just purchased this yesterday (I'm picking it up on Friday) and I financed it with the Best Buy credit card. However long you finance and if you put down a down payment will change the amount you pay monthly. I chose 24-month financing so I will be paying about $60/mo for 24 months with no interest. I applied for the Best Buy credit card the same day I bought this, so I do not have my card yet and cannot register at Citibank to check when my first payment is due, so I'd say you have at least a two week grace period where you don't have to pay anything and then it's highly possible your first payment of around $60 will be due in 2-4 weeks. If you don't pay ~$60/month for the entire 24 months and have a balance left over at the end of those two years, you will have to pay interest on the remaining balance. I think this should be around 25% APR. To calculate how much interest would be if you already know you won't be able to finish the whole balance by 24 months, take the remaining balance you know you'll have and multiply it by your APR in decimal form (If it's 25.1% APR and your remaining balance is $100, then multiply 100 x 0.251 = 25.1), then add that total back to the remaining balance ($100+$25.1=$125.1). If you can't pay that entire remaining balance that month, let's say you only are able to pay $50 of that $125.1 in that first month, then your remaining balance ($125.1-$50) is $75.1 for the following month. For that following month and any month thereafter, you will have to multiply any remaining balance by the APR in decimal form and then add it back to the remaining balance. Hope this helped.
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