How to refund fast 4600$ ?

i have $4600 CAD on credit card is balance transfer with 6.90% annual rate daily rate is 0,01885 %

at the statement

how much interest 30 days

1 Answer

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  • 3 months ago
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    I don't know what "CAD" means, but for this question, I will ignore it.

    1.  I'm going to assume that the rate is NOT compounded daily; but if it is, the answer would be a bit more than what I am calculating.

    2. When banks calculate interest, it is based on a 360 day year; so 30 days = 1/12 of the annual rate.

    3. 1/12 X 6.90% = 0.575% per month

    4. $4600 X 0.575% = $26.45 interest in 30 days, assuming it is not compounded.

    • Dany3 months agoReport

      thanks

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