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Calculate the annual interest rate on a credit card if the monthly interest rate is 1.2.?
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∙ 7y ago
14.4 %. A+
Madison
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Calculate the annual interest rate on a credit card if the monthly interest is 1.2 percent?
14.4%
Calculate the monthly interest rate on a credit card that charges 18 percent annual interest?
1.5 or 1.50
What is the monthly interest rate if the annual interest rate on a credit card is 21 percent?
1.75%
Calculate the annual interest rate on a credit card if the monthly interest rate is 1.2 percent?
That's an effective annual rate of 15.39%, thanks to the magic of compound interest (simple multiplication gives 14.4%, but this neglects the fact that if you don't pay it off each month you wind up paying interest on interest).
How do you calculate the monthly interest rate of a credit card if the annual rate is 18 percent?
It is 100*[(1+18/100)^(1/12) - 1] % = 100*[(1.18)^(1/12) - 1] % = 100*[1.01389 - 1] % = 100*[0.01389] = 1.389 %
Calculate the annual interest rate on a credit card if the monthly interest is 1.2 percent?
14.4%
Calculate the monthly interest rate on a credit card that charges 18 percent annual interest?
1.5 or 1.50
What is the monthly interest rate if the annual interest rate on a credit card is 21 percent?
1.75%
If Cameron has a 21 annual interest rate on his credit card what is his monthly interest rateAsk us anything?
1.75%. A+
Calculate the annual interest rate on a credit card if the monthly interest rate is 1.2 percent?
That's an effective annual rate of 15.39%, thanks to the magic of compound interest (simple multiplication gives 14.4%, but this neglects the fact that if you don't pay it off each month you wind up paying interest on interest).
Why would you want a credit card with no annual fee but a high interest rate?
You wouldn't want a high interest rate, necessarily. However, if you had a choice between a credit card with an annual fee and one without, you would need to see how the interest rates compared. A person with a very low level of debt, such as one who paid out the credit card balance monthly, the high interest rate might not be a deciding factor compared to the annual fee. Remember, the annual fee will also have interest charged on it.
How do you calculate the monthly interest rate of a credit card if the annual rate is 18 percent?
It is 100*[(1+18/100)^(1/12) - 1] % = 100*[(1.18)^(1/12) - 1] % = 100*[1.01389 - 1] % = 100*[0.01389] = 1.389 %
Why should someone get a nationwide credit card?
The two main benefits I could think of is that it has a low monthly interest rate. The other benefit is that there is no annual fee, you need good credit though.
What is annual interest?
Annual interest is interest that accumulates every year. This is a predetermined percentage that is added to a loan or credit card payment.
How do you calculate effective interest rate on a line of credit?
how is line of credit interest calculated
How often do most credit cards charge interest?
Monthly
How can you compare different credit cards?
Compare Credit Cards: Once you have zeroed in on some card issuers, it's the time to compare them. Interest rates, interest free period, annual and monthly fees are amongst the things you should check out, before you make up your mind for a particular credit card.
