How do I figure out how much interest will be on my credit card?

Question

My credit card balance is $103.94 and I made a payment of $51.97. The interest rate on my account is 24.45%. How much will my balance be next month once the interest is figured in? Explain in detail how you calculate interest.

Answer 1

Most credit cards calculate interest based on average daily balance. They add up each day's balance, then divide by the number of days to get the average daily balance. Then multiply by the monthy interest rate (which is 1/12 of your 24.5%).

It really is difficult to caculate the exact interest yourself. It's soo much easier to just pay that card in full every month and not pay any interest at all.

Answer 2

To calculate interest,

You first multiply the balance by the interest rate percentage (point .2445, I think) Then, you divide it by the number of times the payment is made.
I wish this to be helpful.
-LOB123-

PS IT WOULD LOOK LIKE THIS
103.94 x .2445 (OR JUST POINT TWO FIVE, TO KEEP IT SIMPLE)

DIVIDED BY 1 IF IT IS AN ANNUAL PAYMENT. IF IT IS QUARTERLY, YOU DIVIDE BY FOUR.

i would give you an answer, but I don't know how many times you pay annually. altogether for the whole year, though, i can:::(once annual payment) answer:::25point41333 i think.

Answer 3

(24.47/12)=(X)
X* pervious balance=Y
Y+pervious balance=Z(new balance)

Interest divided by 12 = monthly rate
monthly rate times pervious balance = interest due
interest due plus pervious balance = new balance.

Answer 4

you calculate interest by times the first # with the second # and subtract the hypotenuse and divide the radius of the cone.