What does it mean to charge 22,000 yuan to a credit card, which is roughly equivalent to the annualized interest rate 13.27%?

The credit card charges 22,000 yuan, which is roughly equivalent to the annualized interest rate 13.27%, that is, the annualized interest rate 13.27%.

Annualized simple interest refers to obtaining the agreed annualized rate of return on principal investment according to the annual income, and then multiplying the original fund by the annualized rate of return for the next year to calculate interest income. The annual interest is accrued separately and is not included in the principal of the next year.

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