0
What does 30 percent APR on a 1200 dollar purchase mean if you intend on paying off the entire expense within 4 months which is well before a years time?
APR is annual percentage rate. This should be the rate you would expect if the amount was held for a full year.
However, interest is usually accrued on a monthly basis, in which case, the interest rate would be:
monthly_percentage_rate = ((1 + APR/100)1/12 - 1) x 100
(as compound, not simple interest is used - the interest that is not paid off is added to your loan for the next month's interest calculation). So for 30%APR, the Monthly Percentage Rate would be ((1 + 30/100)1/12 - 1) x 100 ~= 2.21%
If you were going to pay off a loan at the end of 4 months, the percentage rate you would pay would be ((1 + 2.21/100)4 - 1) x 100 ~= 9.139%, that is if you borrowed $1200, you would have to pay back $1309.67 at the end of 4 months, but if you had it for the full year, you would have to pay back $1560.
But you often pay back in monthly instalments, in which case you will (should) be paying off interest and part of the capital each month, the proportion of the payment that is capital rising with each payment), so the amount you pay back each month should be calculated by:
Monthly_repayment = loan x (mrn x (mr - 1) / (mrn - 1))
where mr = monthly_rate is calculated as (1 + apr / 100)1/12, and n is the number of months.
So for $1200 loan at 30% apr for 4 months, the monthly repayment would be:
mr = (1 + 30/100)1/12 ~= 1.0221
Monthly_repayment = $1200 x (1.02214 x 0.0221 / (1.02214 - 1)
~= $316.76
making a total repayment for the 4 months of $1267.04
Over a whole year, n = 12, monthly_repayment ~= $114.94, total repayment = £1379.32 which is just under half the interest you would pay if it was all paid back at the end of the year.
What else can I help you with?
What percent of one dollar is .25?
Twenty-five cents is 25 percent of one dollar.
What is 34 percent a dollar?
Thirty-four percent of a dollar is calculated by multiplying 1 dollar by 0.34, which equals 0.34 dollars. This means that 34 percent of a dollar is 34 cents.
What is the percent of nine pennies to a dollar?
the percent of nine pennies to a dollar is 9 percent considering that there are 100 pennies in a dollar the percent will always be the same number of pennies, but only if your dealing with pennies or things in groups of 100.
What percent of one dollar is one dime?
A dime is ten percent of a dollar.
How many dimes are in a dollar as a percent?
There are 10 dimes in a dollar. As a percent, the number 10 is equal to 1000%.
What is 35 percent off of a 90 dollar purchase?
31.5%
Location to purchase ruby kist 100 percent vegetable Juice?
Family Dollar Stores
What is the tax on a forty two dollar purchase when sale tax is 6.5 percent?
$42 x .065 = $2.73
What is the sales tax on a fifty dollar purchase in a state with a seven point five percent tax rate?
my mom
You buy a sixty dollar item on sale for forty percent off and a forty dollar item that is twenty percent off What percent of discount did you get on the total purchase?
$60 at 40% off = $36; $40 at 20% off = $32. You spent $68 to buy $100 of merchandise; you saved $32. Discount on total purchase is 32% (100 - 68 = 32).
What percent of one dollar is .25?
Twenty-five cents is 25 percent of one dollar.
Is 50 cents of a dollar 50 percent?
Yes. 50 cents of a dollar is 50 percent of a dollar.
What is the presidents salary and expense allowance equal?
1 dollar
What percent of a 1 dollar is 1 nickel?
A nickel is 5 percent of a dollar.
What percent of one dollar is 1half-dollar?
Half on anything is 50 percent.
What is 34 percent a dollar?
Thirty-four percent of a dollar is calculated by multiplying 1 dollar by 0.34, which equals 0.34 dollars. This means that 34 percent of a dollar is 34 cents.
Do athletes get paid to be in a console games?
yes they get paid 0.3 percent of each purchase so.. nearly a dollar each 1000 purchases
