How interest is calculated
How interest is calculated. 1st month you spend $2,000 using credit card Interest Rate of 20% year (APR) What’s my minimum monthly payment? FORMULA (Balance x (1+APR/12 mths) $2,000 X (1+.20/12) = $2,033.33 $2,033.33- $2,000 = $33.33 interest you pay
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