Add up the balances on all your credit cards. Add up the credit limits on all your cards. Divide the total balance by the total credit limit. Multiply by 100 to see your credit utilization ratio as a percentage.
Find the total amount deducted for processing and your total monthly sales. Remember to include any additional monthly fees your processor charges for administration. Use this formula: (Total transaction fees / Total sales) x 100 = Effective rate. Example: ($234.71 / $7521.22) = 0.0312 x 100 = 3.12%.
How much is 26.99 APR on $3,000? An APR of 26.99% on a $3,000 balance would cost $67.26 in monthly interest charges.
Most credit experts advise keeping your credit utilization below 30 percent to maintain a good credit score. This means if you have $10,000 in available credit, your outstanding balances should not exceed $3,000.
Add up all of your revolving credit balances. Add up the credit limits of all your revolving credit accounts. Divide your total revolving credit balance (from Step 1) by your total credit limit (from Step 2). Multiply that number (from Step 3) by 100 to see your credit utilization as a percentage.
Multiply 10 by 500 and divide both sides by 100. Hence, 10% of 500 is 50.
To get an estimate of the APR, use the following formula: APR = [{(Fees + total Interest)/ Principal}/ n] * 365 * 100. Here, n is the number of days. First, add the fees and interest rate payable and then divide this amount by the total loan amount. Then, divide this value by the tenure in days.
Balance transfer fee. This fee will typically be 3% to 5% of the amount transferred, which translates to $30 to $50 per $1,000 transferred. The lower the fee, the better, but even with a fee on the high end, your interest savings might easily make up for the cost.
The percentage can be found by dividing the value by the total value and then multiplying the result by 100. The formula used to calculate the percentage is: (value/total value)×100%.
All you need to do to determine each your credit utilization ratio for an individual card is divide your balance by your credit limit. To figure out your overall utilization ratio, add up all of your revolving credit account balances and divide the total by the sum of your credit limits.
Find the latest copy that was mailed to you or sign in to your account online to see it there. As you read your credit card statement, you'll see a transactions section. Here, you'll find details about all the transactions on your account, including purchases charged to the card during the last billing period.
Take the BSIR, multiplied by the DPR (in decimal form) multiplied by the days in billing period. This will equal the amount of interest charged for that individual balance type. The formula is: BSIR x DPR x Days in Billing Period = Interest charged.
Hence, we have our answer. 30% of 3000 is 900. So, the correct answer is “900”. Note: Percent can be converted to fraction by dividing the given percent term with 100 and fraction can be converted into percentage by multiplying it with 100.
It's a good idea to pay off your credit card balance in full whenever you're able. Carrying a monthly credit card balance can cost you in interest and increase your credit utilization rate, which is one factor used to calculate your credit scores.
For example, the interest on a $30,000, 36-month loan at 6% is $2,856. The same loan ($30,000 at 6%) paid back over 72 months would cost $5,797 in interest. Even small changes in your rate can impact how much total interest amount you pay overall.
There are some differences around how the various data elements on a credit report factor into the score calculations. Although credit scoring models vary, generally, credit scores from 660 to 724 are considered good; 725 to 759 are considered very good; and 760 and up are considered excellent.
Why does it take 30 years to pay off $150,000 loan, even though you pay $1000 a month? Even though the principal would be paid off in just over 10 years, it costs the bank a lot of money fund the loan. The rest of the loan is paid out in interest.
A loan's APR can be found using a formula and following a few steps. First, add the loan's fees and interest together. You'll then divide it by the principal and again by the number of days in the repayment term. Then multiply by 365 and again by 100.
Using the interest rate formula, we get the interest rate, which is the percentage of the principal amount, charged by the lender or bank to the borrower for the use of its assets or money for a specific time period. The interest rate formula is Interest Rate = (Simple Interest × 100)/(Principal × Time).
Hence 5% of 500 is 25.
10% of 700 is 70.
The first method we can use to find our answer is to divide 700 by 100 to get the value of 1% of 700. After that, we multiply the value of 1% by 10 to get the value of 10%. The other method we can use is to simply divide 700 by 10 because 10% is one-tenth of our given number.
To calculate a percentage, you typically divide the part (the smaller value) by the whole (the larger value), and then multiply the result by 100. This gives you the percentage value as a number between 0 and 100.