How much interest am I being charged monthly for my

[zigzagaz]

This is supposed to be the FAQ: https://www.paypalcredit.com/index.html

It's not clear on how much interest I'm being charged monthly. I have $1300 I need to pay in Paypal credit. I'm sure that I was charged interest but it makes no mention of how much wherever I look. All I want is the amount of interest I'm being charged each month. 

[Whac-A-Mole · Accepted solution]

why dont you read the terms and agreement when you sign up

[zigzagaz]

k

[Quandary · Accepted solution]

“Annual percentage rate”  or "APR" is a little misleading.   You are not charged interest on your balance once a year but, your interest is charged on a daily basis.

Basically here's how it works out (or close enough).

Your current APR is 19.99%.

If you divide that by 365 days a year, your daily rate is .054%.

Your current balance is $1300.00.

If you take the daily % rate x the current balace or .054% x $1300.00 = .$70 a day.

Next for an average - take the daily amount x 30 days or $.70 x 30 = $21.00 a month.

The total amount you pay will change based on your balance however, your average daily % remains at .054%.

If you pay your balance in full every month you don’t get charged interest.