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Q: Calculate the monthly interest rate on a credit card that charges 18 percent annual interest?
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Related questions

Calculate the annual interest rate on a credit card if the monthly interest is 1.2 percent?

14.4%


What does 2 percent monthly interest translate to in annual interest?

Multiply the monthly interest rate by the number of months is a year to calculate the annual interest rate: 2% x 12mo = 24%


What is the monthly interest rate if the annual interest rate is 18 percent?

1.5% monthly


What is monthly interest payment on a 10000 loan for 5 years at 12 percent interest?

The monthly interest is 100.


What is the monthly interest on 20000000 if the interest rate is 5 percent?

90,000


What is the monthly interest rate on 18 percent annual rate?

1.5% monthly


What is monthly interest if balance is 20500 at interest rate of 6.5 percent?

Assuming 6.5% refers to the annual interest rate, the monthly interest is 111.04 approx.


Why You Need to Calculate Interest And How to Do It?

Many consumers will focus largely on finding the loan with the lowest interest when shopping for a new loan. There is a perception that the financing option with the lowest interest rate will yield lower monthly payments and will therefore be more affordable than other options. While this is generally true, there are other factors that must be considered as well. When most borrowers shop for a loan, their desire is to get the best deal on their loan, and the monthly payment is not the only reflection of loan affordability. In order to find the best financing option, it is imperative that you calculate interest charges on various options available to you.Factors That Affect Interest ChargesDepending on the principal loan balance and loan term, the difference of a few tenths of a percent in the interest rate can result in hundreds or even thousands of dollars in additional interest charges being assessed over the life of the loan. The effect of this seemingly nominal difference on your monthly payment may be negligible, but the long-term effect can be significant. It is important to note that the interest rate, loan term and loan amount will all be used to calculate interest charges on the loan.How to Calculate Interest Charges On Your LoanMany lenders will provide you with an amortization schedule that includes interest charges when you apply for a new loan. With some lenders, you may need to request it directly. However, before you apply, you can calculate interest charges on your own by using online loan calculators. Using these calculators to compare interest charges for different interest rates, loan terms and loan amounts is wise. By using these calculators, you can most easily to determine which loan option is most affordable for you.You should calculate interest on different loan options before you apply for a new loan, but you should also calculate interest on your existing loans from time to time. By doing so, you can gain a better understanding on how much money your current loans are costing you, and you can determine if it is wise to pay some of your loans off early.


Monthly interest rate is 1.6 percent what is the APR?

19.2


What is the effective annual rate of 8 percent interest that is compounded monthly?

0.67 percent


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.


What is monthly interest payment on a 10000 loan for 5 years at 9.5 percent interest?

79.17