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Finding out your APR

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BMG
BMG Posts: 146 Forumite
in Debt-free wannabe
I am trying to complete a SOA and I am not sure what APR is. The credit card statements say figures like 1.677% but I am not sure whether that is what I need to know.:(


Can someone help me please?????

Comments

  • Megatimbo
    Megatimbo Posts: 156 Forumite
    Hello BMG ,APR stands for Annual Percentage Rate of Charge,this is a requirement so that consumers can compare interest rates on Loans and credit cards etc.
    It also gives you an idea of how much a typical loan will cost over a year
    So your example of 1.677 is equal to 22.09 percent overa year compounded or 20.14 if not
    Hope this helps
    Here is a link to calculators which work out monthly interest rates to APR or vice versa
    http://www.stoozing.com/calculator/apr-rate-converter.php


    Regards M


    "when you are going through hell" - "keep going"

    Sir Winston churchill
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