Comments on: Nominal Interest Rate v. Effective Interest Rate http://masteryourcard.com/blog/2009/09/01/nominal-interest-rate-v-effective-interest-rate/ The best Credit Card Debt Blog online Wed, 02 May 2012 03:22:04 +0000 hourly 1 http://wordpress.org/?v= By: Jack http://masteryourcard.com/blog/2009/09/01/nominal-interest-rate-v-effective-interest-rate/comment-page-1/#comment-48758 Jack Wed, 02 Sep 2009 09:31:42 +0000 http://masteryourcard.com/blog/?p=1578#comment-48758 Oops - typo. Thanks for pointing that out, Dee. Oops – typo. Thanks for pointing that out, Dee.

]]> By: Dee http://masteryourcard.com/blog/2009/09/01/nominal-interest-rate-v-effective-interest-rate/comment-page-1/#comment-48757 Dee Wed, 02 Sep 2009 07:31:25 +0000 http://masteryourcard.com/blog/?p=1578#comment-48757 Thanks for the explanation! The part about how making payments on the couch during the promo period instead of waiting until the end was helpful :) You lost me at this part though: "So, on March 1st you’d be charged 3% of $10,000. The principle becomes $10,300. In June, they’d tack on an additional 10% to $10,300 for a total of $10,609." I'm confused about the 10 percent. The $309 increase from March to June is only a 3 percent increase...? Thanks for the explanation! The part about how making payments on the couch during the promo period instead of waiting until the end was helpful :)

You lost me at this part though: “So, on March 1st you’d be charged 3% of $10,000. The principle becomes $10,300. In June, they’d tack on an additional 10% to $10,300 for a total of $10,609.”

I’m confused about the 10 percent. The $309 increase from March to June is only a 3 percent increase…?

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