How do you calculate how much interest is charged per month on your bala...

Suggestion by 24.124.29.39 on 2009-04-16 23:00:26

How do you calculate how much interest is charged per month on your balance? Say you have a balance of $100.00 and your APR is 12%. Is your monthly interest rate 12%/12 i.e 1%, in which case you would incur an interest charge of $1? or would with be 12% on $100, in which case you would incur an interest charge of $12?

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