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0answers
29 views

Effective Interest Rate from bifurcated interest rate

Here goes, this is the scope of my question: Say I want to take out a credit card, that has 0% interest for 12 months, when at the 13th month, whatever debt is taken out on the card will be subjected ...
3
votes
2answers
532 views

Calculating pay off for credit card with multiple APRs

I have a credit card that is charging me two different APRs, one for cash withdrawal and one for purchases. I am trying to determine how much I need to pay monthly to zero the balance, but most online ...
0
votes
0answers
135 views

Car loan - Hard inquiry and credit score hit

I recently purchased a new car. Total outdoor price is 20K. I paid 6K and financed the rest. Before I walked into the dealership, I had a preapproved loan from the only bank I applied. It was around ...
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votes
3answers
130 views

Soft Loan using a 0% APR credit Card

I am getting a new Student Credit Card . It has as 0% Intro APR for 18 months. The credit card company is ready to loan me money, which I can repay in 18 months at 0% APR. With this loan money I ...
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4answers
445 views

How to calculate Annual Percentage Rate of a loan with unequal periodic payments?

Let's say we borrow a loan of $1000. We pay back to bank $100 per month but for some stupid reason the last payment is smaller and equals $50. This is a common case in my country. How then the APR ...
0
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1answer
101 views

Formal Definition of APR

I have seen several conflicting sources on the internet about APR. Some say the effective rate is (1+APR/n)^n -1 while others say this formula is the APR since APR represents the rate over all ...
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1answer
38 views

APR for a Loan Paid Off in Monthly Payments for 9 Months [duplicate]

Say a loan is issued for 9 months with $1000 principal and with a payment plan consisting of about $162.23 each month. Does this loan have an APR of 46%?
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votes
3answers
221 views

Does APR also depends on credit score?

I know that a good credit score means access to higher credit limits, but how the APR is affected? While I always pay off the whole balance on my credit card, but I am interested in lower APR, because ...
2
votes
2answers
133 views

APR for a Loan Paid Off Monthly

A loan is issued for 12 months for 1000 and is paid back with monthly payments of $140 each month. Does this loan have an APR of 68%?
-1
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1answer
66 views

Calculating cost of loan

|fee |interest(5% of 200) |total paying |% of original loan |200 |6 |10 |10+6 |8 (16/200*100) |effective loan |% of ...
0
votes
1answer
122 views

APR without principal repayment?

I've been trying to find out about this own my own but can't seem to work it out via search engines, loan/mortgage websites and excel. When I try to work out how much a loan costs, rates like APR ...
0
votes
1answer
1k views

How much higher should my APR be than my rate?

First time home buyer looking at mortgages and having a hard time understanding the difference between good and bad on rates. On a loan estimate I have been quoted 4.75% rate(seems high?) and 5.795% ...
1
vote
2answers
298 views

Having trouble with APR calculation

I am using the formula listed on the following site to try to calculate APR: http://www.fdic.gov/regulations/laws/rules/6500-1950.html#fdic6500appendixjtopart226 go to appendix J, if it doesn't auto ...
1
vote
1answer
190 views

Calculate APR for under 1 year loan

I was talking with a friend about Payday loans (neither of us is getting one, just merely curious) and the APRs they state aren't really true. So, I was trying to figure out an APR based on the ...
3
votes
1answer
220 views

Using the Law of 72 to compute residual income?

Often I check an investment strategy's performance by summing the year-to-date realized gains/losses. I take the sum of all closing(or market for unrealized) values CT, subtract the sum of all cost ...
3
votes
3answers
450 views

Calculating Future and Present value into mortgage comparisons

I'm looking to buy a home in the next 3 or 4 months. The bank I'm working with has 10 different mortgage rates, currently ranging from 3.5% to 4.625%, with points respectively ranging from 2.875 to ...
2
votes
1answer
159 views

How to arrive at the fee-adjusted APR (accounting for balance transfer fee, but not inflation)?

I'm trying to figure out the fee-adjusted interest rate paid when incurring a balance transfer fee on a loan, not accounting for inflation. If the APR is 4%, the loan 5000, the transfer 2% and you ...
5
votes
3answers
1k views

Is there a way to convert from a monthly rate to annual?

This might seem like a silly question, but I'm trying to work out how much something will cost if I pay for it on my credit card instead of paying monthly to the company at their interest rate. The ...
1
vote
2answers
530 views

Why does APR sometimes show as lower than the stated mortgage rate?

I see an offer for a 15 year fixed jumbo at 4.5% with a 4.622% APR while on the some advertisement it shows a 5/1 ARM jumbo at 3.875% with a 3.283% APR. Why is one APR higher and the other lower?
5
votes
1answer
106 views

How often to call Credit Card Customer Service for Rate Reduction

I've seen 6 months mentioned a lot, but in some of the information I've consumed I've heard that some people call their customer service as often as each month. I'm pretty sure they make notes on how ...
2
votes
1answer
126 views

Difference between APR and APY [duplicate]

Possible Duplicate: What is the difference between Interest Rate and APY? Can you explain to me the difference between APR and APY and which one I should care about more? I know that ...