Can Someone Work This Out For Me Please

mercedes125

If i transfered a balance of £8.500 to another credit card and the interest rate is 5.9% a month for the life of the balance what interest a month would i be paying.
Thankyou

tomstickland

5.9% a month would be 70% per annum, which I doubt.
For 5.9% per annum monthly interest would be
5.9/(12*100)*8500=£41.80

sicker

Do you not mean 5.9% per year? per month is astronomical.

John

mercedes125

Hi thanks for your replys, yes it is for the year sorry.

GaryTravers

phew, i almost pooed my pants.

pfpf

GaryTravers wrote:

phew, i almost pooed my pants.

i was just taking a drink when i read that....now my monitor is very wet

GaryTravers

my apologies to your monitor, and to my almost soiled pants.