Omg finally. I watched so many vids and clips and could not figure out wtf they were talking about and u stated it so simply and quickly and it clicked. A lot of them made it sound way more complicated so i was so confused. Thank you!!
Thanks for this video i was really confused! I have one credit card and was looking into getting another one but like actually researching it before I apply for one
Nice. Straight to the point. Take your APR, divide by 12, multiply that by your balance to see what amount of interest you are paying per month. Thanks for leaving out intros and other useless stuff 👍
Monthly APR is the same no matter how long the loan term. What will change is how much interest you are paying as the loan amount will decrease as you are making interest plus principle payments. Hope that helps.
Is the credit card debt your credit card limit or is the debt how much you spent every month? So lets say in Jan I spent $100 and in Feb I spent $200 but my yearly credit limit is $6000. Would I pay the interest on the monthly cost or the overall credit limit?
You pay interest on the monthly balance you carry each month. Your limit is the max you can charge. So you can charge up to $6,000 but if you only charge $500 and carry that balance you’ll pay interest on $500
That's why I did the video because most people do not how to calculate percentage APR. if you take 20% and convert it to a percentage by dividing by 100 you get 0.2 if you divide that by 12 you get 0.01666 or times it back by 100 to turn it back into a percentage and 1.6667 which is your monthly APR. Hope that helps, thanks for watching.
Thank you! Exactly what I needed to know.
Thanks for watching. Glad it was helpful.
Best apr video ever
The clear understanding ❤
Glad it was helpful.
Omg finally. I watched so many vids and clips and could not figure out wtf they were talking about and u stated it so simply and quickly and it clicked. A lot of them made it sound way more complicated so i was so confused. Thank you!!
Thanks for watching. My whole goal is to simplify this stuff. Not confuse you. So glad it was helpful.
Simple and fast explanation. Great informational video 👌
Simple explanation! Great job!! I get it now😂
Glad it helped!
This was great ! Thank you
glad it was help
Very nice explanation
glad it was helpful. thanks for watching.
💯💯💯
Thanks for this video i was really confused! I have one credit card and was looking into getting another one but like actually researching it before I apply for one
so glad the video was helpful.
Thanks EXACTLY WHT I REALLY NEEDED TO KNOW ❤ BIG RESPECT ❤ I wish these youtubers be like u getting straight to the point ❤️ big RESPECT
Lol glad it was helpful and glad I could get straight to the point.
Great example and breakdown!
Thank you, I’m a ux designer and somehow my job now includes calculating APR.
So glad my video helped. Now you can walk into work like I got this 💪🏿
short and crisp upto the point
Great explanation
Glad it was helpful!
So that $167 will be added to the $10,000 balance to make 10,167$ that you owe now?
Just want to clarify
Exactly.
After you pay that you have next month apr fee and for late payments the fee. This is a never ending cycle
Just use your card if you're going to pay whatever you bought immediately! That's a way you build credit and raise it
Nice. Straight to the point. Take your APR, divide by 12, multiply that by your balance to see what amount of interest you are paying per month. Thanks for leaving out intros and other useless stuff 👍
I wish my bank made things this easy to understand.
Maybe they should hire me and sponsor my videos lol
Awesome
Question 🙋♂️ if it’s loan would you divide the apr by the loan term say 5 years?
Monthly APR is the same no matter how long the loan term. What will change is how much interest you are paying as the loan amount will decrease as you are making interest plus principle payments. Hope that helps.
How would the calculate the total interest after 0% introductory period promo ends?
My apr is %30 i owe $300 my minimum payment is $25 how much will i owe next month? Thanks,
don't be a noob you are only getting $7.5 extra interest
Is the credit card debt your credit card limit or is the debt how much you spent every month? So lets say in Jan I spent $100 and in Feb I spent $200 but my yearly credit limit is $6000. Would I pay the interest on the monthly cost or the overall credit limit?
You pay interest on the monthly balance you carry each month. Your limit is the max you can charge. So you can charge up to $6,000 but if you only charge $500 and carry that balance you’ll pay interest on $500
Wait... 20÷12=1.6... where did 0.0167 come from...?
You are changing the percent into a decimal so you divide by 100
Your math does not make sense. 20 divided by 12 is 1.6666 not 0.016. No clue how you got that number. This was almost helpful!
That's why I did the video because most people do not how to calculate percentage APR. if you take 20% and convert it to a percentage by dividing by 100 you get 0.2 if you divide that by 12 you get 0.01666 or times it back by 100 to turn it back into a percentage and 1.6667 which is your monthly APR. Hope that helps, thanks for watching.
I thought 20 % a month thank you for making it very understandable 🫡
Glad it was helpful.