interest rates

goldcoin_2

Hi there,

This is probably the silliest question posted on this site, but could you tell me which is the higher rate of interest 2.0751% or 16.9% I do wish I had paid more attention to percentages when at school.

What would the minumum payments be on a balance of £1,200 on both these interest rates.

Thank you so much

Goldcoin

GeorgeUK

Have a look here
http://www.whatsthecost.com/

lots of different calculators so you can compare costs.
Try the Credit Card Calculator.

YorkshireBoy

goldcoin wrote:

which is the higher rate of interest 2.0751% or 16.9%

16.9% APR is 1.313% monthly

So, you're comparing 1.313% with 2.0751% and therefore your 16.9% APR card would be the cheapest home for the debt.

What would the minumum payments be on a balance of £1,200 on both these interest rates.

A percentage of the statement balance set by the card providers - usually 2-3%.

Assuming 3%, and 1.313% monthly interest, then approximately...

(£1,200 + (£1,200 x 1.313%)) x 3% = £36.47

Putting the debt on your higher rate card will add around half as much again in interest charged.

goldcoin_2

Thank you all.

I have found the calculator to be really helpful. Just what I needed.:j

Thanks again

Goldcoin