APR is the annual percentage rate (Annual percentage rate) on your credit card.

This is a term used in credit cards to refer to the interest that is charged when you owe money. Usually after the repayment date is exceeded, the interest on the outstanding amount starts to be calculated.

Assuming a credit card with an APR of 18, the monthly interest rate is 18/12=1.5. If you owe $1,000 and one month has passed since the repayment date, the interest you need to pay is $1,000*1.5=$15.

Extended information:

Annual interest rate = installment fee/(number of installments 1)*24 = single-period handling rate*number of installments/(number of installments 1)*24, The most common handling fee of 7.2 for 12 periods is equivalent to an annual interest rate of 7.2/(12 1)*24=13.29.

ICBC’s handling fee for 12 installments is 3.58, with an annualized interest rate of 6.61, which is equivalent to 1.1 times the one-year loan benchmark interest rate of 6.0, and is charged in installments of 0.0358/13*24=0.06609 =6.61

If the first installment is collected, the annualized interest rate should be divided by (1-installment fee). The first payment is 0.0358/13*24/(1-0.0358)=0.06854 =6.85

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