0:18 That is 0.00038, they removed two zeros and put a % sign. If you don’t push the % on the calculator it’s going to be wrong. % is horrible just put in the two zeros and get rid of the system.
I've been confused for a long time before and I got fed up of being confused, so I went on to look for a video to explain it. It was a bit quick and heck, the explanation was really good! Kudos! (I dont usually comment on videos but I was just really impressed)
Hello, I tried this on the calculator. I turned 14 % into a decimal (.14) then I divided it by 365 my answer was 3.3856. Simple math kills me, can you please tell me step by step which # goes in first to the calculator.
I’m confused, say on day 1 of the monthly cycle I spend $500 then do not spend anything until the end of the circle. Would I get charged the same amount of interest if I spent $500 on day 29 of my circle instead of day 1? As from day 2-28 do they work out the interest on a daily basis?
Hey Silas! The calculation you did is correct! Divide 14% by 365 (0.14/365=0.00038356) but once you move the decimal over twice since it's a percent, you get 0.038%. Hope that makes sense!
Hi there - While we don't offer personal financial support over social media, we have some helpful information on credit card interest here: www.nerdwallet.com/article/credit-cards/how-is-credit-card-interest-calculated?trk_location=ssrp&trk_query=how%20to%20calculate%20interest&trk_page=1&trk_position=1
Hi there - While we don't offer personal financial support over social media, we have some helpful information on credit card interest here: www.nerdwallet.com/article/credit-cards/how-is-credit-card-interest-calculated?trk_location=ssrp&trk_query=how%20to%20calculate%20interest&trk_page=1&trk_position=1
Hello, I’m confused as to why I get a slightly different number at the end. 14% (.14) /365 = 0.00038. Even when I turn that into a percent, 0.038 I end up getting 25.31 and not 25.08. Any idea why this would be the case?
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0:18
That is 0.00038, they removed two zeros and put a % sign.
If you don’t push the % on the calculator it’s going to be wrong.
% is horrible just put in the two zeros and get rid of the system.
Thank you or they should've just stayed with the same decimal format from start to finish by saying .14 on the interest rate from the beginning
I've been confused for a long time before and I got fed up of being confused, so I went on to look for a video to explain it. It was a bit quick and heck, the explanation was really good! Kudos! (I dont usually comment on videos but I was just really impressed)
Yes bro contact (Ericroboti) on telegram is give you all you needed
Deeply happy I come across this trustworthy vendor been the 3rd time for me to get my CC from him (Morgan101Cc) on telegram..
Before the video, I was confused and after I'm still confuse 😕
Short, simple and to the point. Love it.
Don't forget the % sign when calculating everything together, or you'll end up with a crazy high minimum monthly payment.
😂I was traumatized for a moment.
Dont forget to drag the decimal back ! I wish u would mention that cause i literally forgot & the math wasnt adding up
i thought i was the only one noticing this and about pooped my pants after i did the math lol
Finally someone hasn't added zeros onto the interest divided by the amount of days/months
Yes bro I got my 2 cc from Ericroboti ok telegram try him he is a real vendor much love for him
Finally somebody who uses examples and not someone makes a pointless video of their face
Very clear, thank you!
That makes so much sense thank you
Great video. Where can I get that calculation worksheet that was in the video?
Great video!!
Very useful!!
No need to divide and multiply the days. That just cancels out. In this video example, just get $66,000 and multiply it by the percentage.
Is there a reason you are using average daily balances versus the amount you owed at the very end of the due date?
Because interest is charged daily so its better to work out the average
Concise explanation thank you!
Yes contact (Ericroboti) on telegram is a good vendor I got my 2 cc from him
Thank you.
Where is this 6% apr credit card?
I assume when you get the final number you divide by 100 to get the final number
love it
Hello, I tried this on the calculator. I turned 14 % into a decimal (.14) then I divided it by 365 my answer was 3.3856. Simple math kills me, can you please tell me step by step which # goes in first to the calculator.
any luck?!?!?
14 divide by 365. Not .14 by 365
Maybe this will help
14% * 365 = 0.038%
2500 * 15 = 37500
1990 * 15 = 28500
37500 + 28500 = 66000
66000 / 30 = 2200
2200 * 0.038% * 30 = $25.08
Yes contact (Ericroboti) on telegram he give you all you needed and explain everything to you
Simple awesome 😍😍
Now I know why I've been so confused about it...
hmmm... this is not compounded for each day.
I’m confused, say on day 1 of the monthly cycle I spend $500 then do not spend anything until the end of the circle. Would I get charged the same amount of interest if I spent $500 on day 29 of my circle instead of day 1? As from day 2-28 do they work out the interest on a daily basis?
Yes my got my 2 cc from (Ericroboti) on telegram he is a good vendor
I think your "Periodic Rate" is not correct. In order to arrive at $25.08, the "Periodic Rate" should be 0.00038% (at 14%). NOT, "0.038%"
Hey Silas! The calculation you did is correct! Divide 14% by 365 (0.14/365=0.00038356) but once you move the decimal over twice since it's a percent, you get 0.038%. Hope that makes sense!
Hi I'm a kid and I don't understand this. Will u do my work for me please
Hi there - While we don't offer personal financial support over social media, we have some helpful information on credit card interest here: www.nerdwallet.com/article/credit-cards/how-is-credit-card-interest-calculated?trk_location=ssrp&trk_query=how%20to%20calculate%20interest&trk_page=1&trk_position=1
Hi there - While we don't offer personal financial support over social media, we have some helpful information on credit card interest here: www.nerdwallet.com/article/credit-cards/how-is-credit-card-interest-calculated?trk_location=ssrp&trk_query=how%20to%20calculate%20interest&trk_page=1&trk_position=1
Yes I got my 2 cc from (Ericroboti) on telegram he is a good vendor
Hello, I’m confused as to why I get a slightly different number at the end. 14% (.14) /365 = 0.00038. Even when I turn that into a percent, 0.038 I end up getting 25.31 and not 25.08. Any idea why this would be the case?
Maybe seeing this will help
14% * 365 = 0.038%
2500 * 15 = 37500
1990 * 15 = 28500
37500 + 28500 = 66000
66000 / 30 = 2200
2200 * 0.038% * 30 = $25.08
Yes you can contact (Ericroboti) on telegram he give you all what you needed
Yes I got my 2 cc from (Morgan101Cc) on telegram
Great video! Now where can I get the money to make payments on my credit cards?
Very clear, thank you !