Hi to All, I know this is probably a dumb question, but I am a mathematically challenged person. Can someone please explain to me how to figure the APR? For example, if I have a card that charges me 18.99% APR, what percentage does that come out to on a monthly basis? If I have a savings account that yields 5% interest annually, then how is it figured into a monthly percentage? I don't understand APR at all. Let's say that I have a savings account with an interest rate of 5%. Do I earn 5% monthly or annually? If I earn it annually, then what am I getting monthly? Would the 5% be broken down in 12 installments, lol? I have never understood how to figure APR and hope someone can tell me in layman's terms so that I can understand. Thanks for info, Calmest_LA
say you have a $1000 debt on the 18.9% cc. Multiply the $1000 by 18,9% You get: $189 Divide it by 12 you get : $15.75 That's what you're paying a month in interest.
