how much interest is this?

melt71

I'm sorting out my boyfriend's finances and can't figure out what American Express are charging him as interest;

They are saying they have a monthly rate 'goods and services' 1.17% and monthly rate 'cash advance' 1.50% - what rate is this per annum?
I have compared it to two of his other cards but can't figure it out.

If anybody can tell me how to work it out I would be very grateful

grumbler

melt71 wrote:

... a monthly rate 'goods and services' 1.17% and monthly rate 'cash advance' 1.50% - what rate is this per annum?:)

1.17% ----> 1.0117^12-1=0.1498=14.98% APR
1.5%

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> 1.015^12-1=0.1956=19.56% APR