Calculating interest

sam_rhino

Months and months ago I asked how to calculate the monthly interest from an APR to work out how much monthly payments would be, so I can work out how long it'll take me to pay off the card....People were really helpful and Martin did the calculation for me - which was great. BUT.....now the APR has changed, and i'm rubbish at maths...anyone know what the calculation would be...and how you to "to the power of"???? (PS I know its not the APR divided 12). Thank you lots for your help. :P

Unbelievable_2

Would this be any use?

Robert_Sterling_3

On a calculator "to the power of" makes use of the y to the power of x button" on a computer it is y^x

e.g.

y^12 is y to the twelveth power.

and using bracket we can get

y^(1/12) which is the twelveth root of Y

The chances of this being of any help are not high I fear.

sam_rhino

Unbelievable....you truly are. That link is fantastic :-) I shall go home tonight and convince boyf that all is not lost with the world, and I SHALL be debt free in the not tooooo distant future.

Robert Shilling....thank you lots for the explanation. I really think I need to do a maths course again, cos it just looks like complete gobbledigook to me :-(
but I really appreciate you trying to make it make sense.

Many many thanks :-)

Martinslovechild

There's also a pretty good credit card calculator here and also a stoozing calculator here