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How do I calculate monthly interest rate from APR or daily rate
I have three credit cards, one shows the annual interest rate (APR), one shows the monthly interest rate, and another shows the daily interest rate.
I want to know the formula to convert between these rates so I can compare them, by changing them all to daily or monthly or annual rates.
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by: UrosVidojevicPosted on 2008-01-05 at 11:34:43ID: 20590341
Effective rate for period = (1 + annual rate)^(1 / # of periods) - 1
So for monthly, quarterly, and semiannual rates, the math becomes:
Monthly rate = (1 + annual rate)^(1/12) - 1
Quarterly rate = (1 + annual rate )^(1/4) - 1
Semiannual rate = (1 + annual rate)^(1/2) - 1
Similary:
Daily rate = (1 + annual rate)^(1/365) - 1
or
Daily rate = (1 + annual rate)^(1/366) - 1
Depending on which year we are analyzing.
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