extremist
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| question about APR |
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i am a newbie to CC's my credit card from bank of america is GOLD, they said it has a 3k limtit, no interest for the first 6 billing cycles. AFter the 6 billing cycles the rate would be the "index + a margin of 9.99. Based on this formula the APR as of Sep 30, 2004 is 14.74%" so does this mean that when my 6 months is up then my interest on my balance every month is 14.74%??? thanks for any clarification!!!
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Sun Dec 05, 2004 5:02 am |
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xboxundone
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APR stands for annual percentage rate meaning if you kept your money in there account for a year you would pay 14.74% . but this is the status as of sept 30 so when that six months is up your rate will be whatever index + a margin of 9.99 is....
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Sun Dec 05, 2004 2:13 pm |
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extremist
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quote:
Originally posted by xboxundone
APR stands for annual percentage rate meaning if you kept your money in there account for a year you would pay 14.74% . but this is the status as of sept 30 so when that six months is up your rate will be whatever index + a margin of 9.99 is....
thx, but what does this mean the interest per month would be? sorry if i misunderstood you.
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Sun Dec 05, 2004 3:55 pm |
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xboxundone
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if it is apr then divde by 12...... but it is probably interest compounded daily??? if so divide by 365... but your rate will vary from month to month.... unless they say you are locked into a certain rate.
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Sun Dec 05, 2004 4:58 pm |
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extremist
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quote:
Originally posted by xboxundone
if it is apr then divde by 12...... but it is probably interest compounded daily??? if so divide by 365... but your rate will vary from month to month.... unless they say you are locked into a certain rate.
thx that makes perfect sense.
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Sun Dec 05, 2004 4:59 pm |
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papayabhai2002
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| I agree |
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That makes sense to me too
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Wed Mar 02, 2005 6:33 am |
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tanmaysnv
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APR allows you to evaluate the cost of the loan in terms of a percentage. If your loan has a 10% rate, you’ll pay $10 per $100 you borrow annually. All other things being equal, you simply want the loan with the lowest APR.
Investment pool
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Mon Jan 25, 2010 6:48 pm |
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Stuartthomas
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thanks tan..i got it now..you explained the simplest one...
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Thu Aug 12, 2010 7:58 am |
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Ashley Watson
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| Re: question about APR |
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quote:
Originally posted by extremist
i am a newbie to CC's my credit card from bank of america is GOLD, they said it has a 3k limtit, no interest for the first 6 billing cycles. AFter the 6 billing cycles the rate would be the "index + a margin of 9.99. Based on this formula the APR as of Sep 30, 2004 is 14.74%" so does this mean that when my 6 months is up then my interest on my balance every month is 14.74%??? thanks for any clarification!!!
Annual Percentage Rate (APR) is a way to compare the costs of a loan. Although it’s not perfect, it gives you a nice standard for comparing the percentage costs on different loans. This page covers the basics of APR, and how you can calculate it.
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Tue Aug 24, 2010 11:03 am |
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financeculture
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APR (Annual Percentage Rate) this is what estimates the amount you will be paying in interest each year. This, of course, will be an estimate, it will be assuming that you pay all your monthly credit card bills on time, and it may or may not have an expiration date, depending on the credit card company, the offer, and your credit rating.
Credit Card Debt Consolidation Loans | List of Tax Deductions
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Fri Nov 26, 2010 10:56 am |
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