Tradefair & Financials
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Is 9.9% APR on a credit card the same as 9.9% on a fixed loan i.e £5000. Would u pay the same amount back over 3 yrs if u paid the same 36 * £££ every month?
cheers
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Would imagine the interest / cpaital ratio on repayments is different but depends on conditions or credit cards.
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LOAN 9.9% 161.1x36 payments over 3 years
CREDIT CARD 9.9% 200 a month takes 10years1month |
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not sure i'm actually right there!
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If the amount borrowed and paid back is the same shouldn't make any difference. 9.9% APR is 9.9% APR.
You should be able to get a lower APR on a personal loan however. |
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Ask anybody in finance how APR works out! They get so confused :)
All banks use their own versions so its useless. |
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Plus you would think that equal APR borrowing over equal terms would mean that what you repay should be equal. Think again.
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fixed loan apr or aer is FIXED and stay at 9.9 the card could be subject to change and 29.9 this time next year
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*and could be 29.9%
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What is best 9.9% APR or 5.9 Per annum a a rate?
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