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To calculate the interest rate on a credit card, you will need to gather some information about your card’s terms and your current balance. First, find your card’s annual percentage rate (APR) in the terms and conditions or on your monthly statement. Then, determine your average daily balance by adding up the balances for each day of the billing cycle and dividing by the number of days in the cycle. Multiply your average daily balance by your card’s daily periodic rate (APR/365) to find the daily interest charge. Finally, multiply the daily interest charge by the number of days in the billing cycle to calculate the total interest charged on your balance for that period.
The effects of interest rates are often not directly felt but play out over a long time as valuations of real-estate and other assets adjust.
At Horizon65, we created a mobile app that enabled you to check the effect of high interest rates on your savings and to simulate potential investments that can defend against it.
Download our app and start gaining insight into your current and future finances.
