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How to calculate Interest rrate?
Example: If the balance on credit card was 800. When statement shows up it shows balance as 820. With these numbers how do u calculate what is interest rate and what is the APR for card.
1 Answer
- Anonymous1 decade agoFavorite Answer
Your APR can be gotten from your statements. But how your balance is determined depends on
1. The method of calculating your monthly balance.
2. The interest you owe - depends on APR
Below are a couple of resources that explains this in greater detail.
Source(s): http://www.askmrcreditcard.com/2cycleaveragedailyb... http://www.askmrcreditcard.com/effectiveinterestra...