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Monthly Interest to APR conversion
Gemmzie
Posts: 14,876 Forumite
Is there a calculator or an easy way to convert the monthly interest percentage to APR?
No longer using this account for new posts from 2013
0
Comments
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Martin has some stuff here...http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1156249740,89525,#compound
Roughly the APR will be 12 times the monthly rate. But, with compounding it will be "plud a little bit more". A monthly rate of 1.5% will be approx 19%. I can't find any simple calculators on the internet. You could ring them up.0 -
Monthly APR
2.186 29.63
2.186 29.63
Put the above into a spreadsheet, "Monthly" goes into cell B1 "APR" goes into cell C1
The formula into the 29.03 column is : =((1+B2/100)^12-1)*100
Hope this helpsMBNA are a joke.
DFW Nerd No. 2320 -
Alternatively, enter ((1+MR/100)^12-1)*100 into google and hit search. The APR will be returned.kevster1009 wrote:Put the above into a spreadsheet...
Where MR = monthly rate.
NB: for a monthly rate of 1.2408% [which is 15.9% APR], enter 1.2408 - ie omit the '%'.0
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