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APR from monthly % rate

Posted by Mike on March 28, 2001 4:13 PM

I want to calculate the Annual Percentage rate for my credit cards from the monthly interest rate (and vice versa) but cannot find any reference to this.

Posted by Ian on March 29, 2001 11:20 AM

You'll really need to look at your card agreement/disclosure since how your finance charges are calculated can vary so much. It will be likely be some variance of:

Annual Interest Charge = (Finance Charge / days in period * days in year)
Eligible Balance = (This may be total balance if there is no grace period, or previous months balance if you have a grace period).

You're APR should be Annual Interest Charge divided by Balance once you clarify what those are.

Good luck and pay those suckers off!