How do you work out APR from monthly interest rate?

A question about : How do you work out APR from monthly interest rate?

I am trying to use the snowball debt calculator but can't work out how to calculate the APR for my one of my cards, as it only gives me the monthly interest rate. Any ideas? Thank you.

Also, what does EAR mean? Sorry I must sound a bit dim!

Best answers:

• Hi Ali25,
  Let's say your Monthly interest rate is given as 1.456%.
  This means one month later your balance will be 101.456% of your current balance (assuming no payments into/out of the card).
  101.456% = 1.01456
  1.01456 to the power of 12 = 1.189413409
  From the 1.189413409, subtract 1 out of it, it becomes 0.189413409
  Multiply it by 100, it becomes 18.9413409, taking it to 1 decimal place it will be 18.9.
  There you go! A EAR of 18.9%.
• hi just a quick question, used the calculator to work out the APR from the monthly interest on a 6.9% APR Life of balance transfer and it came out at 6.95 %, should I query this with MBNA I know its only 0.05% .... what do you think?
  cheers