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How do you calculate APR in PHP?
<?php $month = 360; //How many month you have for payment $monthlyPayment = 671.96; //Your monthly payment $moneyBorrowed = 99000; //How much you borrowed $totalPaid = $month * $monthlyPayment; //Number of months * Monthly payment $APRequ = $moneyBorrowed / $totalPaid; //Money Borrowed * Total money paid back $APRMonthly = abs($APRequ-1); //Returns the absolute value of the monthly APR $APR = $APRMonthly * 12; // Monthly APR to get Yearly APR echo $APR; ?>
Bartholomew just got a new credit card that offers both an introductory APR and a standard APR. If the standard APR is 19.8 which of the following rates would most likely be the introductory APR?
9.8%
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%
How would you determine if 8 percent APR is better or worse than 5.24 percent APR?
"APR" means "Annual Percentage Rate". When money is borrowed and not paid backimmediately, that's the piece that gets added on to it each year, as the price for theconvenience of not paying it back yet.If you're the borrower and you have someone else'smoney, then you want thelowest possible APR. That's on a credit card, a car loan, a home mortgage, etc.If you're the lender and somebody else has yourmoney, then you want the highestpossible APR. That's on a bank savings account, an investment, a CD, etc.
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.
