how do i work out the interest rates of cc

wizard3891

hi, right 2 credit cards

abbey: £3000 balance

lloyds: £1000 balance

All I can find is the monthly interest rates and i need to work out the proper interest rate as im trying to do that snowball calculator.

abbey: 1.2408% per month

lloyds: 0.482 % per month untill may when it goes up to 1.385%

help!!!

Jazzking

Surely don't you just multiply by 12 to get the APR?

Abbey: 14.89%
LTSB: 5.784% increasing to 16.62%

Sounds about right...

grumbler

Calculating APR from monthly interest rate

1.2408% ---> 15.95%
0.482% ----> 5.94%
1.385% ----> 17.95%

Jazzking

Thanks grumbler - learn something new everyday!

I never was that great at compound interest....

wizard3891

sorry if it was a silly question but im surrounded by paperwork and trying to creat a debt free date for me and my girlfriend.

that snowball site is very good

Queenie

wizard3891 wrote:

sorry if it was a silly question but im surrounded by paperwork and trying to creat a debt free date for me and my girlfriend.

that snowball site is very good

Don't apologise for asking a question!!! If you don't know, you don't know and you won't know unless you ask someone who does know

Good luck wading through your paperwork and don't forget to take regular breaks!!

wizard3891

Queenie wrote:

Don't apologise for asking a question!!! If you don't know, you don't know and you won't know unless you ask someone who does know

Good luck wading through your paperwork and don't forget to take regular breaks!!

thanks.

nearly there now.

the snowball calculator worked out that all but one debt will be gone in sep 2009 then the final one in DEC 2010.

CANT WAIT LOL.

grumbler

wizard3891 wrote:

...the snowball calculator worked out that all but one debt will be gone in sep 2009 then the final one in DEC 2010... CANT WAIT

Four years for two of you to clear just £4K?! :rolleyes: Come on, you can do better ...