How do I calculate a monthly finance charge?
Sunday, September 6th, 2009marbledog asked:
I’m starting a small business, and I would like to offer financing to my customers, but I’m unsure of how to calculate monthly finance charges based on APR.
I’m starting a small business, and I would like to offer financing to my customers, but I’m unsure of how to calculate monthly finance charges based on APR.
For instance, if I financed $700 at 20% APR over 24 months, how would I calculate a customer’s monthly bill?
Any help is appreciated! Thanks.
