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
- RichardLv 73 months agoFavorite Answer
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.