Hello you wonderful helpful lot.
I've just received a new credit card which has a low interest rate for 6
months then goes up to around 12% after that time. Standard stuff. However
when I rang to ask what the apr equivalent was for the first 6 months the
young man couldn't tell me, he just kept saying it's 1.9% per month. When I
said I wanted to compare the difference he couldn't understand what I was
asking, then eventually said that you just multiply the monthly figure by
12. But that doesn't add up, it isn't cheaper then than the eventual cost,
so can't be right. I didn't think it would be anyway as he sounded so
vague. Felt quite sorry for him actually - specially when I didn't want to
buy all the other financial products he was offering.
Is there a simple formula for calculating apr from monthly rates? I've done
a google and all I could find were very complicated figures. Could someone
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