0
Not per cent paid per month times 12, because balance changes each time you make a payment. You need what is called an"ammortization" schedule" or a brain much better than mine!
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
How can you calculate your CD interest rate?
To calculate CD interest rate, all you have to do is to just multiply the principal amount you have invested in CD with interest rate. If u want to calculate for the monthly interest then divide the resultant with 12.
What is the formula to calculate monthly interest rate if the annual interest rate is known?
Annual Interest Rate divided by 12= Monthly Interest Rate
What is prime APR?
APR stands for Annual Percentage Rate or percentage of interest a company charges you on a 12 month basis for a balance on their card.
What does the term apr mean and where can you find the help?
The term APR stands for Annual Percentage Rate and this refers to your interest rate for an entire year, or three hundred and sixty five days.
What do the initials apr stand for?
The initials apr stands for annual percentage rate. Used when borrowing money , basically the interest that will be tacked on to the money your borrow.
How do you calculate apr on an adjustable rate mortgage?
APR on an ARM loan is kind of a strange question... if you wanted to calculate your APR, you could add all the variable interest rates you were charged over the course of a year, then divide that number by 12. Technically, that would be your APR.
What is higher APR or interest rate in mortgages?
The APR is the rate plus certain fees over the life of the loan. If there are no fees, the rate and APR are the same. If there are fees, the APR is higher than the rate. The more fees, the higher the APR.
What is the most useful measure of interest rate?
APR is the most useful measure of interest rate.
Monthly interest rate is 1.6 percent what is the APR?
19.2
When pertaining to financial loan what does APR stand for?
Annual Percentage Rate (of the interest rate)
How do you calculate APR?
You calculate APR based on your credit score, loan size and term of loan. Typically the shorter the loan life the lower APR you will get . Annual Percentage Rate APR (Annual Percentage Rate) is a standardized term used to compare loans, mortgage loans and credit card rates. It is a compilation of the compound interest, finance charges and lender fees calculated annually. For more detailed information and to use an APR calculator visit the link in related links.
Is fixed interest rate better than variable interest rate for banks?
Yes, because a variable interest rate can go up as high as 9% APR when you can get a fixed APR of 3.5%. Also with variable interest your payments will always jump around and with fixed your payments are what you sign.
What is apr mean?
Annual Percentage Rate. Refers to the Interest rate paid on a car loan.
How do you calcutate an APR?
APR is calculated by multiplying the amount of the loan by the interest rate. Next divide by the length of time of the loan to get the monthly APR amount.Ê
What exactly is a mastercard apr?
All credit cards are required to state the amount of interest charged in an annual percentage rate, or APR. Mastercard presents the interest it charges on financed balances in a APR number.
What does APR stand for?
Usually it stands for Annual Percentage Rate (used to calculate the amount of interest charged on the balance of a credit card or loan). If that doen't make sense in relation to where you saw it then it may stand for something else. Also: The nominal rate of interest is the rate used when calculating the interest expense on your loan. That's what most people consider to be the interest rate on their loan. The annual percentage rate (APR) on a loan includes some of the costs involved in procuring the loan and is meant to provide the consumer with an effective rate to use when comparing loans.
What is the interest rate for the Wachovia Home Equity Loan?
The interest rate for Wachovia home equity loans will depends on various factors. Wachovia's website states that the "Minimum APR is 4.24%; maximum APR is 18%".
