How To Calculate Monthly APR

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  • เผยแพร่เมื่อ 6 ต.ค. 2024
  • How to calculate your monthly APR. If you have a credit card with 20% APR how do you know what your monthly payment will be? In this video I share the formula to know how much interest you will pay a month based on your annual percentage rate.
    #APR #AnnualPercentageRate
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ความคิดเห็น • 43

  • @mrcucuy1313
    @mrcucuy1313 ปีที่แล้ว +35

    Thank you! Exactly what I needed to know.

    • @brownreport
      @brownreport  ปีที่แล้ว +1

      Thanks for watching. Glad it was helpful.

  • @gobleforrestfg
    @gobleforrestfg ปีที่แล้ว +21

    Best apr video ever

  • @sydneygoguen621
    @sydneygoguen621 ปีที่แล้ว +9

    Omg finally. I watched so many vids and clips and could not figure out wtf they were talking about and u stated it so simply and quickly and it clicked. A lot of them made it sound way more complicated so i was so confused. Thank you!!

    • @brownreport
      @brownreport  ปีที่แล้ว +1

      Thanks for watching. My whole goal is to simplify this stuff. Not confuse you. So glad it was helpful.

  • @childofgodbro
    @childofgodbro 11 หลายเดือนก่อน +12

    The clear understanding ❤

    • @brownreport
      @brownreport  11 หลายเดือนก่อน

      Glad it was helpful.

  • @belltorres1144
    @belltorres1144 2 หลายเดือนก่อน +1

    Simple explanation! Great job!! I get it now😂

    • @brownreport
      @brownreport  หลายเดือนก่อน

      Glad it helped!

  • @jashansaini2184
    @jashansaini2184 หลายเดือนก่อน +1

    Very nice explanation

    • @brownreport
      @brownreport  หลายเดือนก่อน

      glad it was helpful. thanks for watching.

  • @DA-br9xd
    @DA-br9xd 8 หลายเดือนก่อน +1

    Nice. Straight to the point. Take your APR, divide by 12, multiply that by your balance to see what amount of interest you are paying per month. Thanks for leaving out intros and other useless stuff 👍

  • @3_97jess9
    @3_97jess9 9 หลายเดือนก่อน +1

    Simple and fast explanation. Great informational video 👌

  • @Lottfamily215
    @Lottfamily215 6 วันที่ผ่านมา

    This was great ! Thank you

  • @noodles9249
    @noodles9249 8 หลายเดือนก่อน +2

    Thanks for this video i was really confused! I have one credit card and was looking into getting another one but like actually researching it before I apply for one

    • @brownreport
      @brownreport  8 หลายเดือนก่อน

      so glad the video was helpful.

  • @Outlandish15
    @Outlandish15 ปีที่แล้ว +1

    Thanks EXACTLY WHT I REALLY NEEDED TO KNOW ❤ BIG RESPECT ❤ I wish these youtubers be like u getting straight to the point ❤️ big RESPECT

    • @brownreport
      @brownreport  ปีที่แล้ว

      Lol glad it was helpful and glad I could get straight to the point.

  • @kyoshinja7134
    @kyoshinja7134 8 หลายเดือนก่อน +2

    I wish my bank made things this easy to understand.

    • @brownreport
      @brownreport  7 หลายเดือนก่อน

      Maybe they should hire me and sponsor my videos lol

  • @geharper98
    @geharper98 หลายเดือนก่อน +1

    💯💯💯

  • @oj1101
    @oj1101 ปีที่แล้ว +11

    So that $167 will be added to the $10,000 balance to make 10,167$ that you owe now?
    Just want to clarify

    • @brownreport
      @brownreport  ปีที่แล้ว +8

      Exactly.

    • @welinton3742
      @welinton3742 9 หลายเดือนก่อน +2

      After you pay that you have next month apr fee and for late payments the fee. This is a never ending cycle

    • @noodles9249
      @noodles9249 8 หลายเดือนก่อน +2

      Just use your card if you're going to pay whatever you bought immediately! That's a way you build credit and raise it

  • @mykeiusrichardson1898
    @mykeiusrichardson1898 10 หลายเดือนก่อน

    Great example and breakdown!

  • @HiLoTravelers
    @HiLoTravelers ปีที่แล้ว +1

    Great explanation

  • @vishnuvenky4240
    @vishnuvenky4240 10 หลายเดือนก่อน

    short and crisp upto the point

  • @daeshawncrippen3942
    @daeshawncrippen3942 10 หลายเดือนก่อน +1

    Question 🙋‍♂️ if it’s loan would you divide the apr by the loan term say 5 years?

    • @brownreport
      @brownreport  10 หลายเดือนก่อน +1

      Monthly APR is the same no matter how long the loan term. What will change is how much interest you are paying as the loan amount will decrease as you are making interest plus principle payments. Hope that helps.

  • @itwillbe508
    @itwillbe508 11 หลายเดือนก่อน

    Awesome

  • @paytonstern1610
    @paytonstern1610 ปีที่แล้ว

    How would the calculate the total interest after 0% introductory period promo ends?

  • @slavaukraine5117
    @slavaukraine5117 ปีที่แล้ว

    My apr is %30 i owe $300 my minimum payment is $25 how much will i owe next month? Thanks,

    • @apollo-aries
      @apollo-aries ปีที่แล้ว

      don't be a noob you are only getting $7.5 extra interest

  • @TunaNoKrust
    @TunaNoKrust 7 หลายเดือนก่อน

    Wait... 20÷12=1.6... where did 0.0167 come from...?

    • @raymondsaldana7293
      @raymondsaldana7293 28 วันที่ผ่านมา

      You are changing the percent into a decimal so you divide by 100

  • @micaelaroyo4837
    @micaelaroyo4837 ปีที่แล้ว

    Is the credit card debt your credit card limit or is the debt how much you spent every month? So lets say in Jan I spent $100 and in Feb I spent $200 but my yearly credit limit is $6000. Would I pay the interest on the monthly cost or the overall credit limit?

    • @brownreport
      @brownreport  ปีที่แล้ว

      You pay interest on the monthly balance you carry each month. Your limit is the max you can charge. So you can charge up to $6,000 but if you only charge $500 and carry that balance you’ll pay interest on $500

  • @ethane7733
    @ethane7733 ปีที่แล้ว

    Your math does not make sense. 20 divided by 12 is 1.6666 not 0.016. No clue how you got that number. This was almost helpful!

    • @brownreport
      @brownreport  ปีที่แล้ว +10

      That's why I did the video because most people do not how to calculate percentage APR. if you take 20% and convert it to a percentage by dividing by 100 you get 0.2 if you divide that by 12 you get 0.01666 or times it back by 100 to turn it back into a percentage and 1.6667 which is your monthly APR. Hope that helps, thanks for watching.

  • @SergDaKilla
    @SergDaKilla 10 หลายเดือนก่อน +1

    I thought 20 % a month thank you for making it very understandable 🫡

    • @brownreport
      @brownreport  10 หลายเดือนก่อน

      Glad it was helpful.