What does Monthly Periodic Rate mean?
In order to find out your monthly periodic rate, you should divide the yearly interest bared by your credit by twelve. But be careful, this is the formula only in the case you never fall behind with your payments, as in that case there is heavy interest added, and then the result is altered. For example, if on the credit related documentation it is stated that your APR (Annual Percentage Rate) is of 19%, that simply means you monthly periodic rate will be 1.5%. And by making your own calculations and also taking in consideration the late payment fees and any other eventual charges you will be definitely able to foresee the actual cost of your credit, thus deciding whether it is a worthy procedure to take up.