Calculating CC monthly interest.

D

dobsdave

Registered User
Messages
102
Does anyone know exactly how its done?
I have an EBS card with an APR of 10.9%.
Would I be correct in saying that I pay (10.9/12)% per month?
I've tried using this but the figures dont match up to what I've paid.(close, but not right).
I haven't made any transactions in the last 6 months, bar monthly repayments.
Thanks

(and yes I'm bored at work!!)
 
dobsdave said:
Does anyone know exactly how its done?
I have an EBS card with an APR of 10.9%.
Would I be correct in saying that I pay (10.9/12)% per month?
I've tried using this but the figures dont match up to what I've paid.(close, but not right).
I haven't made any transactions in the last 6 months, bar monthly repayments.
Click to expand...

Sounds correct, but the easiest thing is to ask EBS how exactly they do it-bear in mind that you pay interest on the total balance no matter how much of it you pay off (5% or 95%).
 
You must log in or register to reply here.
Back
Top