[{(3200*6)/100}/365]*60
32
it works out at roughly 11.71% - although that is if interest is only applied annually, I reckon this is probably not the case though, in which case the effective interest rate would be lower.
The interest method that credit card companies prefer will vary depending on the company. In most cases, they use the average daily balance method or the daily balance method.
The formula used for percentage of sales is quite simple. It entails figuring out the total amount of sales which is equal to one hundred percent. The particular method used is a portion of the total sales.
intrest method
32
it works out at roughly 11.71% - although that is if interest is only applied annually, I reckon this is probably not the case though, in which case the effective interest rate would be lower.
Percent of sales is only one method. The other is an analysis of the receivables, either as a percent of total receivables, or doing an aging analysis first.
5.83$ === Solution Method: 1. "ordinary interest" = "simple interest" <-- which is the correct financial term to use. 2. 7% APR interest can be expressed in any increment that you wish, by dividing it by a specific period of time (e.g.: annually rate = .07/1, monthly rate = .07/12, weekly rate = .07/(365/7), daily rate = .07/365 3. In your case, you want to compute the interest for 2 month as follows: (.07/12) * 2 * 500$ = 5.83$ <-- this is the simple interest owed
It depends on how it is calculated, but here is a list of the common answers depending on the method of interest earning: Compounded Annually: $10,000 x .05 = $500 / 12 = ~ $41.67
An interest calculator will help to estimate the amount of interest earned and the overall value of an account. These can be found free online at Bank Rate, Money, Cool Math and Worth Watch.
you take 210.50 divide it by 6000 which gives you .0350833. Then multiply it by 100, which gives you 3.50833 after that you divide by 150 days which gives you .0233888 and then multiply by 365 which gives you 8.536912 but leave it to the nearest hundredths 8.54%
The interest method that credit card companies prefer will vary depending on the company. In most cases, they use the average daily balance method or the daily balance method.
karvonen method
The formula used for percentage of sales is quite simple. It entails figuring out the total amount of sales which is equal to one hundred percent. The particular method used is a portion of the total sales.
Karvonen Method
intrest method