Finding out your APR

BMG

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?????

Megatimbo

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