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Is a 13 percent or 18 percent APR for a credit card better?
The APR is the amount extra that will have to be paid if there is an outstanding balance on a credit card.If the outstanding balance for a year is 100, the extra that would have to be paid is:13 % APR13/100 x 100 = 13 18 % APR18/100 x 100 = 18 As a consumer, the 13 extra to pay given by the 13 % APR is obviously better.As a credit card company, the 18 extra to be paid by the 18 % APR is obviously better.
What is the formula for calculating a mortgage payment?
PMT=[P(APR/n)]/[1-(1+(APR/n))^(-nY)]
If a 22-day single payment loan has a periodic interest rate of 7.8 what is the approximate APR of the loan A. 171.6 B. 17.2 C. 12.9 D. 129.4?
Oh, what a happy little question we have here! To find the approximate APR of the loan, we can use the formula APR = Periodic Interest Rate x Number of Periods in a Year. In this case, the APR would be approximately 171.6%, so the answer is A. Remember, there are no mistakes in math, just happy little accidents to learn from!
If you have 300000 saved for retirement. What if your account earns 7 interest. How much will you be able to pull out each month if you want to be able to take withdrawals for 25 years?
You have not said if the 7% is APR, how it is accrued - yearly or monthly - and if you want to touch the capital invested or not. Assuming it is 7% APR compounded accrued monthly, then: Let p be the APR (p = APR% / 100) Let r be the multiplier for each month; it is found as: (1 + p)^(1/12) Let D be the amount you withdraw. Let C be the amount you invest. Assuming you withdraw at the end of each month after the interest is paid: At the end of the first month you will have Cr - D At the end of the second month you will have (Cr - D)r - D = Cr² - Dr - D At the end of the third month you will have (Cr² - Dr - D)r - D = Cr³ - Dr² - Dr - D At the end of the nth month you will have: Crⁿ - Drⁿ⁻¹ - Drⁿ⁻² - ... - Dr - D = Crⁿ - D(rⁿ⁻¹ + rⁿ⁻² + ... + r + 1) Now, the sum of a GP is given by: Sn = rⁿ⁻¹ + rⁿ⁻² + ... + r + 1 = (rⁿ - 1)/(r - 1) → At the end of month n you will have Crⁿ - D(rⁿ - 1)/(r - 1) left in you account. 25 years = 25 × 12 month = 300 months → n = 300 You have an APR of 7% → r = 1.07^(1/12) C = 300,000 You cannot take out more than is left in your account → Crⁿ - D(rⁿ - 1)/(r - 1) ≥ 0 → D(rⁿ - 1)/(r - 1) ≤ Crⁿ → D ≤ Crⁿ(r - 1)/(rⁿ - 1) → D ≤ 300,000 × (1.07^(1/12))^300 × (1.07^(1/12) - 1)/((1.07^(1/12))^300 - 1) → D ≤ 2,079.36 (approx) Which means you can take out up to 2,079.36 per month and it will last 25 years. (This will leave a few pennies as the real figure is slightly more than this but less than 2,079.37) If you take out less than this figure, it will last 25 years and you will still have some capital left. If you take out 300,000 × (1.07^(1/12) - 1) ≈ 1,696.24 each month, this is the monthly interest gained and so the capital will still be there after 25 years (even though it will be worth a lot less due to inflation - at 7% inflation prices double every 10 years, so if you get 7% interest, inflation is likely to be higher which means after 25 years your 300,000 will only be worth about 90,000 in today's money).
Does Chase offer the lowest APR credit card?
It really depends on the situation. Some credit card companies will offer you different rates based on your previous credit history or history with them.
What is the APR on a goldfish credit card?
The annual percentage rate or APR on a goldfish credit card can be as low as 16.9% if you apply for the platinum membership. The APR on a standard credit card is 19.9%.
What is the apr on a credit card?
It varies - according to the issuer. A typical APR is around 19.8% for a credit card, or 37.5% for a store card.
What is the typical APR on a secured credit card?
The typical APR on a secured credit card is around 20 to 25.
How does a Citi credit card compare to a Chase credit card?
Both Citi and Chase offer multiple options for credit cards. Both companies have cards with no annual fee, low APR's, and rewards. The cards from both companies also get good reviews from users.
What savings are offered with an apr credit card?
with an apr credit card the savings are o% interest from my research but also i have found that the apr changes. it changes from card to card like all things.
Where can the lowest APR credit card be found in the UK?
Qualifying for a credit card with a low APR requires very good credit and sufficient income. In the United Kingdom, the credit card that meets that standard is currently the Sainsbury Cashback credit card, with a 7.8 percent APR.
What is the cash advance APR for this credit card?
The cash advance APR for this credit card is the interest rate charged when you borrow cash using your credit card, typically higher than the regular purchase APR.
What type of credit card offers 0 APR on purchases and balance transfers?
A type of credit card that offers 0 APR on purchases and balance transfers is known as a promotional or introductory 0 APR credit card.
What is a credit card that offers 0 APR?
A good credit card that offers 0 ARP is Discover card but in order to qualify for a 0 APR credit card you must have proof of income and a great credit standing.
What is the APR rate on the newest Discover Credit Card?
Discover Credit Card offers an intorductory purchase and transfer APR of 0%. After 15 months at 0% APR, the APR will change to a variable purchase APR. The APR will vary from 11.99% to 19.99%.
Where can I find companies issuing low interest credit cards?
There are several different credit card companies that offer 0% APR on sign in for several months. Citi credit card offers 0% APR for 18 months, Capital One offers 0% APR until August of 2013, Discover offers 0% APR for 15 months and Chase offers 0% APR for 15 months as well. To narrow these down you will want to review interest rates after the initial 0% rate and choose the credit card that will best suit your needs.
