See how long paying only the minimum really takes and what it costs in interest — then compare a fixed payment.
| Input | Result |
|---|---|
| $5,000 at 22.99%, 2%/$25 min | 1,814 months (151.2 yrs) · $88,282 interest |
| $2,000 at 19.99%, 2%/$25 min | 249 months (20.8 yrs) · $5,196 interest |
| $5,000 at 24.99%, 3%/$35 min | 216 months (18.0 yrs) · $9,546 interest |
Early on, most of the minimum goes to interest and only a sliver touches the principal. On a $5,000 balance at 25% APR, the first $100 minimum payment includes about $104 of interest — you fall behind unless the percentage minimum outruns the interest.
Fixing today's minimum (instead of letting it shrink with the balance) dramatically shortens payoff. $5,000 at 24.99% paid at a fixed $150/month clears in about 58 months with ≈$3,622 interest — versus literally never on a declining 2% minimum at that rate.
No — common formulas are 1–3% of the balance or interest+fees+1% of principal, with a $25–$35 floor. Your statement shows the exact rule; enter its percentage and floor above.