is there an equation for calculating the interest a credit card accumulates in a month (as it is calculated daily it is a compounded amt)
If I understand you correctly, we are starting with amount x and compounding a daily rate r for a whole month of 30 days. The equation would simply be: 30 interest= x(1+r) -x which approximates but exceeds 30r.
That got mixed up between my entry and the posted message. What I wrote was: Interest equals x times (1+r) to the thirtieth power, minus x.
