Does anyone know how to calculate monthly APR for a business? - The Pub

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Mojo_Risin
Man

Registered: 03/31/01
Posts: 2,838
Loc: United States of America ...
Last seen: 8 years, 2 months

Does anyone know how to calculate monthly APR for a business?

#4209983 - 05/23/05 12:46 PM (18 years, 10 months ago)

I'd like to learn the formula .

Like say if my business income was $2000 a month throught credit transactions, and the APR was at 1.83%

What would be my monthly balance due to the bank?

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Liz
Owl Lady

Registered: 11/16/04
Posts: 6,962
Loc: Massachusetts

Re: Does anyone know how to calculate monthly APR for a business?

[Re: Mojo_Risin]
#4210007 - 05/23/05 12:51 PM (18 years, 10 months ago)

$36.06

You take the balance ($2000 in your example) and multiply it by .0183. Move the decimal point 2 spaces to the left.

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Mojo_Risin
Man

Registered: 03/31/01
Posts: 2,838
Loc: United States of America ...
Last seen: 8 years, 2 months

Re: Does anyone know how to calculate monthly APR for a business?

[Re: Liz]
#4210023 - 05/23/05 12:53 PM (18 years, 10 months ago)

I thank you for the correct explanation.

5 Shrooms for you.

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Liz
Owl Lady

Registered: 11/16/04
Posts: 6,962
Loc: Massachusetts

Re: Does anyone know how to calculate monthly APR for a business?

[Re: Mojo_Risin]
#4210033 - 05/23/05 12:55 PM (18 years, 10 months ago)

you're quite welcome. I get paid to deal with those calculation (I'm an underwriter at a mortgage company) so if you ever have any more, feel free to ask :laugh:

--------------------
Remember, remember the fifth of November
The gunpowder treason and plot.
I see no reason why gunpowder treason
Should ever be forgot.

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Mojo_Risin
Man

Registered: 03/31/01
Posts: 2,838
Loc: United States of America ...
Last seen: 8 years, 2 months

Re: Does anyone know how to calculate monthly APR for a business?

[Re: Liz]
#4210064 - 05/23/05 12:59 PM (18 years, 10 months ago)

I certainly will, have a mirthful day :smile:

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