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If an account balance is being charged 1 percent interest per week is this the same thing as saying 52 percent per year. What is the equation for finding the true annual rate of interest?
Wiki User
∙ 16y ago
No if the account earns interest daily, it's earning interest on interest essentially. So if you have $100 and you earn 1% interest, you would have $101 dollars the next day and earn 1.01 dollars in interest, and so on.
Wiki User
∙ 16y ago
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Can you be charged 34.97 percent annual percentage rate?
Yes, if you agree to it. In order to be charged interest, you must be borrowing money, even on a credit card. If your credit card company is raising your interest rate to 34.97%, you are given the option to pay off your balance to avoid the interest rate. If you do not pay off the balance, you are, in essence, agreeing to pay the interest rate.
Is the APR on credit cards the same as compound interest?
Credit card APR is the annual percentage rate of interest that a credit card holder is charged on all of or a portion of their account balance, when the full amount hasn't been paid on or before its due date; the APR meaning the annual percentage rate often includes any fees that are charged up front in the obtaining of a loan, counting that cost as well as the compounded interest in the conversion to the equivalent rate!
What does zero percent interest means?
There is no interest being charged.
How much is charged on a balance of 1250 at 19.49 APR compounded monthly?
If there is no repayment then the compound interest will continue growing for ever - becoming infinite. If there is repayment then the charge will depend on the amounts of repayment.
What is a simple interest in math?
Simple interest is interest that is calculated only on the amount of unpaid principal on a loan. Such interest is not added to the value of the loan but is tracked separately. Compound interest is interest that is calculated on the total of unpaid principal and accumulated interest on a loan. The difference is in simple interest there is no interest charged on accumulated interest while in compound interest there is interest charged on accumulated interest.
If you close a credit card does the APR go to zero?
No, the applicable interest and fees will still be charged until the balance of the account is paid.
What is bank account interest?
interest charged to bank accounts
Can a credit card company close your account charge it off and still continue to add late fees and interest to the account?
they can if it contains a balance. if they charged it off and gave you a zero balance and a pay off letter then they cannot. If they closed the account and reduced the amount you owe you are still responsible for the payments including late fees and interest.
Can a company who bought a charged off account try to collect interest on the account?
Yes, interest and fees are still charged when an account is sent to collections or purchased by a third pary collector.
Interest is charged on the average daily balance on your charge card with the?
Average daily balance method
Can a collection agency increase interest on a charged off account?
Yes.
What exactly are balance transfer offers?
A credit card balance transfer is when someone opens a new credit card account to pay off an old one. The debt plus the interest is then owed to the new credit card company, who most times provides a grace period where a smaller amount of interest is charged on the transferred balance.
Can a collection agency charge interest of 1030 to a charge off account that has been paid down to 700 from 4514 but you missed two months?
The collection company has probably charged interest sincethe day they received the account. The interest rate can differ from state to state on a charged off account. So yes, they can but that amount is not just for two months. You need to ask for a total breakdown on the account and see if the interest charged is correct.
The Number of days to run a balance before fees or interest are charged?
Grace Period...
What is finance charge?
A finance charge is interest charged by a lender on the unpaid balance of a loan.
What is a finance charge?
A finance charge is interest charged by a lender on the unpaid balance of a loan.
Can a lender charge you interest in Illinois on the remaining balance of a car repossessed?
The lender can charge you interest on the LOAN, as long as it is not charged off. Once the loan is charged off, the account is essentially closed. It is at this point that they will begin legal proceedings and the big charges are added to the balance: court costs, legal fees, collections costs. And these do not stop mounting after the judgment is granted. It just keeps going.
