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Interest - please explain
RealWelshWizard
Posts: 90 Forumite
in Credit cards
Hi, Maybe a silly question. if a card is 16.9% APR how do I work out the monthly interest?
might seem a daft question but hopefully someone can answer!
might seem a daft question but hopefully someone can answer!
0
Comments
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My CC statement generally has on it how much interest I would pay assuming I pay the minimum amount in time that month.What is this life if, full of care, we have no time to stand and stare0
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although not as accurate as the calculator, dividing by 13 gives a decent approximation
so 16.9% / 13 = 1.3%0 -
Excel formula: =(1+16.9%)^(1/12)-10
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