Here’s an example: Let’s say the bank card keeps an annual percentage rate regarding 12% and you may history week your billed $step one,000
Playing cards usually fool around with a daily periodic rate to help you assess exactly how much you’ll be able to are obligated to pay from inside the appeal per month. So you’re able to estimate your daily Annual percentage rate , divide the fresh Apr from the 365 (the number of weeks for the per year) to convert your own yearly rates toward an everyday unexpected rates. Upcoming, re-double your newest harmony of the daily periodic price together with level of months on your recharging duration to decide their month-to-month desire charge.
Split your Annual percentage rate because of the 365 to discover the day-after-day periodic price – .0328%.