Hello, I have a Sears Charge with a $524.36 balance that is due Feb. 21st. I am only going to be able to pay $400 of that balance before Feb. 21st, on which a $10 minimum payment is due. In all likelihood, I will be paying the remaining $124.36 on Feb. 24th. The APR on my card is a horrifying 25.40%, which comes to a .0696% daily periodic rate. There is also a $1.00 minimum finance charge.
I've never had to finance a payment in this way before, (mostly because of the ridiculous APR's), so tell me if I'm calculating this correctly:
$124.36 balance for Feb 21, Feb 22, Feb 23, paid in full on Feb 24th.
$124.36 x .0696% = $.09 x 4 days, = $.36 + $1.00 = $1.36
Is that calculated correctly? or would it be:
$124.36 x .2784% = $.35 + $1.00 = $1.35?
I know it's only a penny difference but I'm not sure exactly how they calculate those balances. Any help would be greatly appreciated! Thank you!
2007-02-18 15:48:37 · 2 answers · asked by myesparta 2 in Business & Finance ➔ Credit
I've already received the bill; the payment is due on Feb 21st.
2007-02-18 16:09:47 · update #1
It will only be a dollar. Its either the actual interest, if that is over the dollar or the dollar, whichever is more.
2007-02-24 06:11:26 · answer #1 · answered by Heidi 2 · 0⤊ 0⤋
this is giving me a headache...why not just wait until your bill comes, because however they do it is what counts.
2007-02-18 15:55:13 · answer #2 · answered by njyogibear 7 · 0⤊ 1⤋