How to work out interest rate

badgerbread

can anyone help me work out the interest rate as I am trying to do the snowballing calculator I am not very good at theses things the monthly interest rate is showing as 0.723% to work out the yearly do I have to just multiply by 12 might sound a stupid question but I am a bit unsure on these things thanks in advance

Jacks_xxx

:wave: Hey sweetie just giving this a boost so somebody brainy can see it.

I've always thought multiplying by 12 would give me a rough idea but it seems a bit low when I do that with your numbers.

Is it a credit card? You haven't got the APR anywhere on the paperwork? (I thought they had to these days. ) You could always ring and ask?

Sorry not to be more help,

Love Jacks xxx

tyllwyd

I agree with Jacks, I think there is a more accurate way of doing it but just multiplying by 12 should give you a good enough idea for the snowballing calculator.

blackclouds

Sorry to hijack but I am trying to put all my debts down with a spreadsheet and I cant see the APR anywhere on my cc paperwork, just the monthly interest thingy. Also I fell into the trap of taking cash on one of the cards, how do I find out my cash balance and my purchase balance as the interest rates are different ??

badgerbread

I also thought it was a bit low but they have just reduced it for me as we are having a few problems at the moment. I also can only see the monthly interest. thanks for helping.