 |
What is the formula used to calculate 8.5 percent interest on a credit card with a balance of five hundred dollars? |
[Edit] |
Answer
Credit card companies use several methods to calculate interest. There can be one or two billing cycles per month. Interest can be charged on the daily balance, new purchases, etc. You should refer to the "How finance charges are calculated" section of you billing statement.
First answer by anonymous. Last edit by anonymous. Question popularity: 29 [recommend question]
|
Also see on Answers.com Research your answer: |
Can you answer other
questions about Credit and Debit Cards?
Answers.com > Wiki Answers > Categories > Business and Finance > Personal Finance > Money Management > Credit > Credit and Debit Cards > What is the formula used to calculate 8.5 percent interest on a credit card with a balance of five hundred dollars?
Our contributors said this page should be displayed for the questions below. (Where do these come from ) |
| If any of these are not a genuine rephrasing of the question, please help out and edit these alternates. |
How do you calculate credit card balance? How do you calculate credit card interest? How do you calculate daily balance method? How do you calculate interest on a credit card? Formula to calculate the interest on one coupon candidate bond?
