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The APR is the amount extra that will have to be paid if there is an outstanding balance on a credit card.
If the outstanding balance for a year is 100, the extra that would have to be paid is:
- 13 % APR
- 18 % APR
As a consumer, the 13 extra to pay given by the 13 % APR is obviously better.
As a credit card company, the 18 extra to be paid by the 18 % APR is obviously better.
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∙ 12y ago
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What is the APR on a basic Chase credit card?
The APR on a basic Chase card is around 10%.
What is the formula for calculating a mortgage payment?
PMT=[P(APR/n)]/[1-(1+(APR/n))^(-nY)]
If you have 300000 saved for retirement. What if your account earns 7 interest. How much will you be able to pull out each month if you want to be able to take withdrawals for 25 years?
You have not said if the 7% is APR, how it is accrued - yearly or monthly - and if you want to touch the capital invested or not. Assuming it is 7% APR compounded accrued monthly, then: Let p be the APR (p = APR% / 100) Let r be the multiplier for each month; it is found as: (1 + p)^(1/12) Let D be the amount you withdraw. Let C be the amount you invest. Assuming you withdraw at the end of each month after the interest is paid: At the end of the first month you will have Cr - D At the end of the second month you will have (Cr - D)r - D = Cr² - Dr - D At the end of the third month you will have (Cr² - Dr - D)r - D = Cr³ - Dr² - Dr - D At the end of the nth month you will have: Crⁿ - Drⁿ⁻¹ - Drⁿ⁻² - ... - Dr - D = Crⁿ - D(rⁿ⁻¹ + rⁿ⁻² + ... + r + 1) Now, the sum of a GP is given by: Sn = rⁿ⁻¹ + rⁿ⁻² + ... + r + 1 = (rⁿ - 1)/(r - 1) → At the end of month n you will have Crⁿ - D(rⁿ - 1)/(r - 1) left in you account. 25 years = 25 × 12 month = 300 months → n = 300 You have an APR of 7% → r = 1.07^(1/12) C = 300,000 You cannot take out more than is left in your account → Crⁿ - D(rⁿ - 1)/(r - 1) ≥ 0 → D(rⁿ - 1)/(r - 1) ≤ Crⁿ → D ≤ Crⁿ(r - 1)/(rⁿ - 1) → D ≤ 300,000 × (1.07^(1/12))^300 × (1.07^(1/12) - 1)/((1.07^(1/12))^300 - 1) → D ≤ 2,079.36 (approx) Which means you can take out up to 2,079.36 per month and it will last 25 years. (This will leave a few pennies as the real figure is slightly more than this but less than 2,079.37) If you take out less than this figure, it will last 25 years and you will still have some capital left. If you take out 300,000 × (1.07^(1/12) - 1) ≈ 1,696.24 each month, this is the monthly interest gained and so the capital will still be there after 25 years (even though it will be worth a lot less due to inflation - at 7% inflation prices double every 10 years, so if you get 7% interest, inflation is likely to be higher which means after 25 years your 300,000 will only be worth about 90,000 in today's money).
Where can one get a zero percent apr credit card?
One can get a zero percent apr credit card by going to the Credit Cards website. The website offers a number of credit cards deals including ones that have zero percent apr.
Where can the lowest APR credit card be found in the UK?
Qualifying for a credit card with a low APR requires very good credit and sufficient income. In the United Kingdom, the credit card that meets that standard is currently the Sainsbury Cashback credit card, with a 7.8 percent APR.
Where can one receive 0 percent on their credit card?
There are a number of different credit card companies that offer 0 percent APR credit cards. Some of the companies that offer 0 percent APR are Capital One and Discover.
Where can one find a 0 percent APR credit card?
A great place to start searching for a 0% APR credit card is Get Rich Slowly's article on the best 0% APR credit cards of 2013. They compare the various 0% APR credit cards to show the benefits or disadvantages of each.
Is it better to get a credit card through a bank you have an account with?
It makes no difference. Go with the credit card with the lowest interest rates. APR.
What is the APR on a goldfish credit card?
The annual percentage rate or APR on a goldfish credit card can be as low as 16.9% if you apply for the platinum membership. The APR on a standard credit card is 19.9%.
What is the interest rate for Lowes credit card?
The annual percentage rate for a Lowes credit card is 21.99 percent. The APR for a Lowes Project card is 7.99-17.99 percent. The percentage variable is based off credit qualifications.
What is the introductory APR on Amex credit cards?
The introductory annual percentage rate (APR) on American Express credit cards vary by the card and the cardholder's credit. Rates can be as low as zero percent, but often range from 12.99 to 21.99 percent.
What is the apr on a credit card?
It varies - according to the issuer. A typical APR is around 19.8% for a credit card, or 37.5% for a store card.
What savings are offered with an apr credit card?
with an apr credit card the savings are o% interest from my research but also i have found that the apr changes. it changes from card to card like all things.
What are the names of some credit cards offering 0 percent APR?
Most 0% APR credit card offers are for balance transfers from one credit card to another. This is a smart option if you are looking to pay down your credit card debt. Some credit cards that offer this benefit are Capital One Platinum, Discover It, and the Citi Diamond Preferred card.
What is the APR on a basic Chase credit card?
The APR on a basic Chase card is around 10%.
