FINANCE 101

"Dividend" is money paid to you (ex: savings acct, certificate)
"Interest" is money YOU pay (loan)

How to calculate loan interest:
Rate (convert ot decimal)
/ 365
X balance owed
X number of days since last payment

EX: .0575 / 365 X $1000 X 30 = $4.73 of your payment is going to be interest.

What most people don't understand about credit cards is that they don't operate like traditional loans. Interest rates vary. Most only have a minimum repayment of 2% monthly.

Even more important, credit card companies can, AND DO, charge interest on the HIGHEST balance. That means if you charge up $1000 but pay off $900, they can AND DO still charge interest on the full $1000!!!

And it's perfectly legal.
The Last of Sheila (Coburn)