Can you calculate the monthly interest rate on a credit card that charges 18% annual interest?
Look at your credit card statement and look at the APR. Take this number and divide it by 12. For this article, I will use 18% APR as an example. So we will calculate 18/12= 1.5. So for this example, our interest rate is 1.5%. ChaCha!
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Older Answers
Credit card companies charge interest different ways. The most common way is using the average daily balance method. If your annual is 18 percent then your monthly interest is 1.5 percent.
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Your payments due per month on your card will depend on the predetermined payment plan you set up with your card provider. ChaCha!
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