For your transfer balance your nominal interest rate is 6.9% but your APR is 9.95 (dues to the type of compunding they use). 9.95% is what you are *really* paying on your transfer... The APR is also called the effective rate.APR is always higher than nominal. The more frequently they cmpd the higher it is... Here is a way to find it:((1+[r/m])^m) - 1 ...where r is the nominal rate and m is the number of times per year they compound. More frequent compounding drives up the APR because your interest starts earning interest sooner... good if you are a lender... not so good if you are borrowing.
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