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APR confused

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Nicky321

Nicky321 Posts: 1,426 Forumite

27 January 2011 at 10:07PM in Credit cards

How do I work out the APR on my credit card if the monthly rate is 1.4352%?
cheers

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opinions4u Posts: 19,411 Forumite

27 January 2011 at 10:26PM edited 27 January 2011 at 10:28PM

(1+(rate/100)) ^ 12-1

I make it 18.65%.

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izools Posts: 7,513 Forumite

27 January 2011 at 10:27PM

1.014352 ^12 = 1.186

18.6% apr.

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