Help with Calculating APR's

Hi,

This is my first post, I've been reading the boards for a few weeks now and have gained loads of useful info in helping me sort out our debts. Someone on a previous post gave details for what's the cost and I'd like to use their snowballing calculator, but it asks for APR, my statements show Monthly interest rates. Does anyone know how to work out the APR's from this?

The rates are:
1.8735
1.094
0.495

Thanks
Fruity
Pay all debts by Xmas 12 # 072 £1201.79/£15,105.68:eek:
2012 Frugal Living Challenge
Sealed Pot Challenge 5 #1711

Comments

  • grumbler
    grumbler Posts: 58,629 Forumite
    Name Dropper First Post Photogenic First Anniversary
    (1+0.018735)^12-1=0.24949=24.95%
    (1+0.01094)^12-1=0.13947=13.95%
    (1+0.00495)^12-1=0.06104=6.10%
  • fruityslh
    fruityslh Posts: 123 Forumite
    Thanks for that Grumbler, me thinks I need to think about looking at trying to get some 0% cards
    Pay all debts by Xmas 12 # 072 £1201.79/£15,105.68:eek:
    2012 Frugal Living Challenge
    Sealed Pot Challenge 5 #1711
  • mountainofdebt
    mountainofdebt Posts: 7,795 Forumite
    First Post First Anniversary Combo Breaker
    Fruityslh

    Don't know who the card at 24% is with but can I suggest that you write a letter to the credit card company and tell them that you're not prepared to subsidise new customers any longer and that you will be making arrangements to clear the balance and subsequently close the account.

    I did this with MBNA and got my interest rate reduced from 24% down to 7%.

    Of course if you can get it down from 24% to 0% all the better!
    2014 Target;
    To overpay CC by £1,000.
    Overpayment to date : £310

    2nd Purse Challenge:
    £15.88 saved to date
  • fruityslh
    fruityslh Posts: 123 Forumite
    Thanks for the info, it is with MBNA is my hubbys card, and he's managed to get a Texaco 3.9% Life of Balance Transfer card, I'd been trying to get him to chage for ages, but he is very apathetic and a dream customer for banks etc. MBNA have been steadily increasing the rate for the last 18 months and only giving the monthly rate, so the 24% shocked him into action. But thanks for the advice

    Fruity
    Pay all debts by Xmas 12 # 072 £1201.79/£15,105.68:eek:
    2012 Frugal Living Challenge
    Sealed Pot Challenge 5 #1711
  • idiot_3
    idiot_3 Posts: 136 Forumite
    i am fairly sure that just displaying a monthly rate is no longer acceptable from the cc companies. they should have sent at least one brochure with the apr on.
  • fruityslh
    fruityslh Posts: 123 Forumite
    Might of done, but hubby only showed me the letters with the monthly rate on
    Pay all debts by Xmas 12 # 072 £1201.79/£15,105.68:eek:
    2012 Frugal Living Challenge
    Sealed Pot Challenge 5 #1711
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