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Calculating APR
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Money_Saver
Posts: 364 Forumite
in Credit cards
Hi
One of my credit card statements doesn't state the APR however, I have found the Monthly Interest Rate is 1.805% for Purchases.
How do I calculate this to the APR rate.
Hope this makes sense!
Many thanks
One of my credit card statements doesn't state the APR however, I have found the Monthly Interest Rate is 1.805% for Purchases.
How do I calculate this to the APR rate.
Hope this makes sense!
Many thanks
Regards,
Money Saver
Money Saver
0
Comments
-
http://www.stoozing.com/calculator/apr-rate-converter.php
Should do the trick
In your case, 23.95% APR0 -
Mathematically it's:
1.01805^12
That's saying each month the debt is 101.805% of the last month - you then use the "to the power 12" to convert months into years.0
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