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How do I calulate monthly interest?
leanne12345
Posts: 92 Forumite
in Credit cards
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
0
Comments
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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.1 -
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.1 -
Thanks both, a rough figure is fine 👍🏻0
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