Calculating APR, Part 1 | Personal Finance Series

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I'm finding APR really hard to understand. This example make sense. But for example, I saw yesterday on Amex that their platinum card has Representative 704.6% APR variable. How can it be so high? Does it mean if you borrow on this card you payback over 7x the principle? How can that be right. Please can someone enlighten me :)

Thanks.. though I didn't quite get it

Thank you sir, clear and ez. TY

Utter nonsense as the example takes no account of the length (term) of the loan. If the finance charges were for a 2 year period it would be a quite different APR rather than a 1 year period.

My minimum month payment is $266 for 60 months supposedly 17.90% apr but now it's changed to 26.99% because balance not paid in full which I don't get because agreed to was 17.90%. But after just 2 weeks of my card purchase they've charged almost $50 on $10,495. So it's even way more then 26.99% apr

Not getting it on my Care Credit because I agreed to a 60 month 17.90% APR but now they're saying it changed to 26.99 because balance not paid in full. So after just 2 weeks they've already charged almost $50 . That's even way more then 26.99%. It's almost 50% interest.

Nice and simple

loan amount = 20000, processing fee = 400, Disbursed amount = 19600, interest = 3274, Total Payment by Customer = 23274, Tenor Years = 24 Months, Emi Monthly = 970, I have this question. How to calculate APR for this amount please tell me formula and explain, it is my request please help me.

I missed class and I didn’t know how to calculate APR since I was only given a definition💀 anyways this helped me a lot on my homework

thank you :)

Thank you! That was super clear and helpful.

Thanks for the video. A clear explanation of APR.👍