Credit card offer...accountants, mathematicians please look

[Zeke]

Capital One: $7/mo. for each 1K. I figured that's roughly 9% APR. Am I close?

[Big Ed]

8.4%

($7 x 12) / 1000

[84porsche]

I came up the same as Big Ed. What's the fine print say?

[Zeke]

Originally posted by 84porsche
I came up the same as Big Ed. What's the fine print say?

Doan know, but it has to be compounded, eh? 7 x 12 is simple interest. When I say APR, I figure in the interest charged as added to the principle.

Now what's the answer?

[VaSteve]

Originally posted by milt
[B]Clark Griswald became Chuck Moreland and Zeke became milt

Why not just have your account name changed to keep track of all your old posts?

[Steve Carlton]

Minimum payment covers at least the accrued interest.

[Big Ed]

Originally posted by Steve Carlton
Minimum payment covers at least the accrued interest.

Yup.

If, for the sake of argument you want to know the compound interest vale, it is 8.73%. BUT, this could never get realized because of minimum payments. If you didn't make the payments, then you'd have penalties which would make the APR soar.

[Zeke]

Originally posted by VaSteve
Why not just have your account name changed to keep track of all your old posts?

Bit of a hijack, but I'll answer: I left "Zeke" at 10,000 post even. I did change my account name once from Zeke914 to just Zeke and kept the post count going.

I figured once I got to 10,000m I'd retire the name. And what's different about keeping track? I can still log on as Zeke, I just don't post. Technically, I'm not violating the rules by having more than one account because I intend to keep Zeke retired.

I didn't have that much to say over the years anyway, nor do I now. But, some of the people that I correspond with on a regular basis were confused. So, I put the statement in.

I'm still Zeke on other boards. I don't think (hope) that I'll ever reach 10,000 again anywhere, including here as milt.

[Zeke]

Back to the CC offer. so, really, 8.xx% is not that bad of a deal. I think my car is at 6% and that's a secured loan. My house is incredible, 4.375. I won't monkey with that, me thinks.

But 8% money to buy a project with some potential for resale sounds like pretty good money to me. Of course, I could get a home based line of credit, but I haven't seen anything worth the effort lately. I let that window go by as I could have gotten some pretty good rates a couple of years ago. They float anyway, right? I'm thinking that the only mistake I made in recent times was not using home equity money for the car and locking in a rate at sub 5%. Not that much to worry about in the long run. I looked at the difference in the 4 year run and it was a couple hundred bucks for $20,000.

I'm not gonna get too excited by that. I could spend 200 at Pelican with a keystroke.