How do I calulate monthly interest?

leanne12345

Hi, can anyone please tell me how I can calculate what my monthly interest should be if I have my balance and APR? All the calculators I can find just tell me how long it will take to pay off etc. and that's not what I'm after. Thanks

[Deleted User]

Roughly, use the monthly interest rate and apply it to your monthly balance.

For a precise answer, you would need to calculate daily interest.

It depends on how accurate you need the answer to be.

YorkshireBoy

If you only want a rough figure, divide the APR by 13 (not by 12 as that wouldn't allow for compounding).
If you want a more accurate figure then use one of the many calculators available on the internet.
The above only applies to a static balance of course.

leanne12345

Thanks both, a rough figure is fine 👍🏻