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Is the APR charged on a monthly basis?
No, the APR is an annual rate, not a monthly rate.
What is the monthly interest payment on 10 thousand dollars borrowed against a credit card with 19.9 percent APR?
Your monthly payment, assuming you have quoted the interest rate correctly, should be $165.83 if you pay this off in one year (12 monthly payments)
What is the monthly interest payment on 30 thousand dollars borrowed against a credit card with 30.0 percent apr?
$750 / month in interest rates.
How can I calculate the monthly payment with APR?
To calculate the monthly payment with APR, you can use the formula for loan payments: Monthly Payment P r(1r)n / (1r)n - 1 Where: P Principal loan amount r Monthly interest rate (APR divided by 12) n Number of monthly payments Plug in these values into the formula to find the monthly payment amount.
How much interest is paid on 600 dollars if the apr 99 for 9months?
To calculate the interest paid on $600 at an APR of 99% for 9 months, you first convert the APR to a monthly rate by dividing by 12, giving approximately 8.25% per month. Then, for 9 months, the interest can be calculated as: Interest = Principal × Rate × Time = $600 × 0.0825 × 9 = $445.50. Therefore, the total interest paid would be approximately $445.50.
What is the APR on a monthly interest of 10.24 percent?
If it is 10.24% (per month), then the APR is 222%, but if it's 10.24% compounded monthly, then APR is 10.7345%
Is the APR charged on a monthly basis?
No, the APR is an annual rate, not a monthly rate.
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 is the monthly interest payment on 10 thousand dollars borrowed against a credit card with 19.9 percent APR?
Your monthly payment, assuming you have quoted the interest rate correctly, should be $165.83 if you pay this off in one year (12 monthly payments)
Gretchen just got a new credit card that offers an introductory APR of 4.8 for the first 4 months and a standard APR of 15.6 thereafter. If interest is compounded monthly what is the periodic interest?
The monthly rate is 1.22%, approx.
What is the monthly interest payment on 30 thousand dollars borrowed against a credit card with 30.0 percent apr?
$750 / month in interest rates.
Calculate the amount of interest on 2 000.00 for 4 years compounding daily at 2.25 percent APR From the Monthly Interest Table use 1.094171 in interest for each 1.00 invested?
The question cannot be answered. 1.094171 monthly is not equivalent to 2.25 APR. So the question contains inconsistent information.
How can I calculate the monthly payment with APR?
To calculate the monthly payment with APR, you can use the formula for loan payments: Monthly Payment P r(1r)n / (1r)n - 1 Where: P Principal loan amount r Monthly interest rate (APR divided by 12) n Number of monthly payments Plug in these values into the formula to find the monthly payment amount.
How much interest is paid on 600 dollars if the apr 99 for 9months?
To calculate the interest paid on $600 at an APR of 99% for 9 months, you first convert the APR to a monthly rate by dividing by 12, giving approximately 8.25% per month. Then, for 9 months, the interest can be calculated as: Interest = Principal × Rate × Time = $600 × 0.0825 × 9 = $445.50. Therefore, the total interest paid would be approximately $445.50.
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 credit card feature determines the amount of interest paid on unpaid balances?
The credit card feature that determines the amount of interest paid on unpaid balances is the Annual Percentage Rate (APR). The APR is the interest rate charged on any outstanding balance carried over from one billing cycle to the next. A higher APR results in more interest accrued on unpaid balances, while a lower APR reduces interest costs. Additionally, the way interest is calculated—whether daily or monthly—can also affect the total interest paid.
What is the formula for finding monthly payment when you know the interest and principle amouint?
total cost= monthly payment [1-(1+APR)to the power of -n/APR
