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# Calculate the finance charge on a credit card balance of 3299.19 at a monthly rate of 1.2 percent?

# What is done with the finance charge assessed by a credit card company?

added to the balance

# What should be the first step in calculating a monthly credit card finance charge?

change the percent to a decimal

# What if your credit card company charges 18 percent APR Annual Percentage Rate?

Then you should probably look for a lower interest rate card, unless you plan to pay off the balance in full. Otherwise, you will be paying ALOT of interest. A card with a sma…ll yearly fee that offers an 11% interest rate may be worth paying the fee to avoid very high interest payments if you plan to carry a balance. A line of credit is a good alternative to a credit card and often have much lower interest rates. It is always a good idea to consult a financial advisor or someone at the bank who can help you make intelligent credit decisions.

Answered

# Calculate the annual interest rate on a credit card if the monthly interest rate is 1.2 percent?

14.40

Answered

# Calculate the monthly interest rate on a credit card that charges 18 percent annual interest?

1.5 or 1.50