2006-08-28 17:21:22 · 8 answers · asked by Aaron S 1 in Business & Finance ➔ Credit
amkornele is correct.
A rough formula you can use to figure it out is this:
(interest rate)/365 * (balance) * (billing days in month)
or
16.9% / 365 * $1000 * 30
It works out to around $14 a month.
2006-08-29 05:53:34 · answer #1 · answered by Anonymous · 0⤊ 0⤋
APR means ANNUAL percentage rate. There are obviously 12 months in any year. I do not know whom you are dealing with, but - if it is a credit card company, it just might be possible to find one which will offer an APR which is lower than the 16.9 percent that you mentioned.
2006-08-29 00:42:23 · answer #2 · answered by Anonymous · 0⤊ 0⤋
No. It means your finance charge is $169 per year. However, most credit cards charge on a daily basis. (16.9% divided by 365). If you pay a little extra each month, you'll be paying less interest the following month.I hope this helps.
Anne : )
2006-08-29 08:30:59 · answer #3 · answered by amkornele 3 · 0⤊ 0⤋
No APR means Annual Percentage Rate.
2006-08-29 00:30:17 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If you pay about $92.00 per month you will have this debt paid off in 12 months and would have paid about $94.00
in interest.
2006-09-01 16:41:51 · answer #5 · answered by Mr.Morgan 4 · 0⤊ 0⤋
No you need to look up a loan caculator on yahoo. They have it on the home page.
2006-09-01 04:59:45 · answer #6 · answered by Anonymous · 0⤊ 0⤋
No that is not what it means.
2006-08-29 00:26:46 · answer #7 · answered by ZCT 7 · 0⤊ 0⤋
yes asshole
2006-08-29 00:34:06 · answer #8 · answered by Anonymous · 0⤊ 0⤋