Calculate Credit Card Apr

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Calculate Credit Card APR: Understanding Your Interest Rate

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Calculate Credit Card APR: Understand Your Interest Costs

Use our Credit Card APR Calculator to estimate the Annual Percentage Rate (APR) based on various factors. Understanding your APR is crucial for managing credit card debt effectively and minimizing interest payments.

Credit Card APR Calculator

The total amount owed on the credit card.

The fixed amount you pay each month.

The total number of months to pay off the balance.


Your APR Calculation Results

–.–%
Formula Used: This calculator uses an iterative numerical method to solve for the Annual Percentage Rate (APR). Since APR is embedded within a compound interest formula (specifically, calculating the interest rate ‘r’ in the loan amortization formula), a direct algebraic solution is not feasible. The formula effectively finds the rate that makes the present value of all future payments equal to the initial principal balance.

Total Paid

–.–

Total Interest Paid

–.–

Effective Monthly Rate

–.–%

APR Over Time Simulation

This chart illustrates how the total interest paid would change if the APR were slightly different, based on your input.

Payment Breakdown Table


Month Starting Balance Payment Interest Paid Principal Paid Ending Balance
Detailed breakdown of how each monthly payment is allocated towards interest and principal.

What is Credit Card APR?

Credit Card Annual Percentage Rate (APR) is the yearly interest rate charged on your credit card balance. It’s a crucial figure that dictates how much you’ll pay in interest charges if you carry a balance from month to month. Unlike the advertised ‘interest rate’, APR reflects the true cost of borrowing because it includes not only the interest but also certain fees associated with the credit card, expressed as a yearly rate. However, for most standard credit cards, the APR is primarily driven by the interest rate component.

Who Should Understand Credit Card APR? Anyone who uses a credit card and anticipates carrying a balance, even temporarily, should understand their APR. This includes individuals making large purchases on credit, those managing existing debt, or anyone looking to minimize their overall borrowing costs. A high APR can significantly increase the amount of money paid in interest over time, making it harder to pay down the principal debt.

Common Misconceptions:

  • APR is the same as the interest rate: While closely related, APR can sometimes include certain fees, making it a more comprehensive measure of borrowing cost. For many everyday credit cards, the difference is minimal, but it’s essential to be aware.
  • You always pay APR: You only pay APR charges if you carry a balance beyond the grace period. If you pay your statement balance in full by the due date each month, you typically won’t incur any interest charges, regardless of your APR.
  • APR is fixed: Many credit cards have variable APRs, meaning they can change based on market conditions (like the prime rate). Some cards also have penalty APRs that can be triggered by late payments.

Understanding your credit card APR is fundamental to responsible credit card management. It empowers you to make informed decisions about spending, payments, and debt repayment strategies.

Credit Card APR Formula and Mathematical Explanation

Calculating the exact APR for a credit card that involves variable payments or specific fee structures can be complex. However, the core concept revolves around finding the interest rate that equates the present value of all future payments to the initial principal balance. When you know the principal balance, the fixed monthly payment, and the total number of months to repay, we can determine the effective APR.

The formula for the present value of an ordinary annuity (which is what we are solving for ‘r’ in) is:

P = M * [1 – (1 + r)^(-n)] / r

Where:

  • P = Principal Balance (initial loan amount)
  • M = Monthly Payment
  • r = Monthly Interest Rate (APR / 12)
  • n = Total Number of Payments (in months)

Since we need to find ‘r’ (and subsequently the APR), this equation cannot be solved directly for ‘r’. Financial calculators and software use iterative numerical methods (like the Newton-Raphson method or a simpler binary search) to approximate the value of ‘r’ that satisfies the equation. Our calculator employs such an iterative approach.

Variable Explanations and Typical Ranges:

Variable Meaning Unit Typical Range
Principal Balance (P) The total amount of debt you owe on the credit card at the start. USD ($) $100 – $50,000+
Monthly Payment (M) The fixed amount paid towards the balance each month. USD ($) $25 – $1,000+ (or minimum payment)
Payment Period (n) The total number of months planned to pay off the entire balance. Months 6 – 72+
Monthly Interest Rate (r) The interest rate applied each month. Calculated as APR / 12. Decimal (e.g., 0.01 for 1%) 0.005 – 0.03+ (approx. 6% – 36%+ APR)
Annual Percentage Rate (APR) The yearly interest rate, including compounded monthly interest. Percentage (%) 6% – 36%+ (standard rates); up to 99%+ (penalty rates)
Total Paid The sum of all monthly payments made over the loan term. USD ($) P + Total Interest Paid
Total Interest Paid The total amount of interest accumulated and paid over the loan term. USD ($) Varies significantly with APR and payment duration

Practical Examples (Real-World Use Cases)

Let’s explore how the credit card APR calculator works with realistic scenarios:

Example 1: Standard Debt Payoff

Scenario: Sarah has a credit card balance of $5,000. She wants to pay it off over 36 months and can afford to pay $150 each month. She wants to know what APR this implies.

Inputs:

  • Principal Balance: $5,000
  • Monthly Payment: $150
  • Payment Period: 36 months

Using the calculator:

  • The calculator will iterate to find the APR.
  • Resulting APR: Approximately 16.99%
  • Total Paid: $5,400.00 ($150 * 36)
  • Total Interest Paid: $400.00 ($5,400 – $5,000)
  • Effective Monthly Rate: Approximately 1.416% (16.99% / 12)

Financial Interpretation: With a $150 monthly payment, Sarah will pay off her $5,000 balance in 36 months, incurring approximately $400 in interest charges. This implies an APR of around 17%, which is a fairly standard rate for many credit cards. This calculation helps Sarah understand the cost of carrying this debt.

Example 2: Aggressive Payoff Strategy

Scenario: John has a $3,000 balance on a card with a 22% APR. He decides to pay $200 per month, aiming to clear it faster. He wants to know how long it will take and what APR his payment structure implies if he were to continue this payment for a set period.

Note: This calculator solves for APR given fixed P, M, and n. To find ‘n’ for a known APR, a different calculation is needed, but this example shows how payment size impacts cost. For John’s scenario, if we set n=24 months and P=$3000, we can see the implied M and APR. Let’s reframe: John has $3000, pays $200/month for 24 months, what is the implied APR?

Inputs:

  • Principal Balance: $3,000
  • Monthly Payment: $200
  • Payment Period: 24 months

Using the calculator:

  • The calculator will find the implied APR.
  • Resulting APR: Approximately 11.44%
  • Total Paid: $4,800.00 ($200 * 24)
  • Total Interest Paid: $1,800.00 ($4,800 – $3,000)
  • Effective Monthly Rate: Approximately 0.953% (11.44% / 12)

Financial Interpretation: By paying $200 per month for 24 months on a $3,000 balance, the implied APR is about 11.44%. This is significantly lower than his card’s stated 22% APR. This implies John is paying down principal much faster than the minimum would suggest, effectively reducing the total interest paid compared to a longer payoff period at the higher stated APR. This payment plan, if maintained, would clear the debt aggressively, saving him substantial interest compared to his card’s default terms.

How to Use This Credit Card APR Calculator

Our calculator is designed for simplicity and clarity. Follow these steps to understand your credit card’s effective interest rate:

  1. Input Principal Balance: Enter the total amount you currently owe on your credit card. This is the starting point of your debt.
  2. Input Monthly Payment: Enter the fixed amount you plan to pay towards your credit card balance each month. This should be realistic for your budget.
  3. Input Payment Period: Specify the total number of months you intend to take to pay off the entire balance.
  4. Click ‘Calculate APR’: The calculator will process your inputs and display the results.

How to Read Results:

  • Calculated APR: This is the primary result, showing the estimated annual interest rate based on your inputs.
  • Total Paid: The sum of your principal balance and all the interest you’ll pay over the calculated period.
  • Total Interest Paid: The total cost of borrowing, expressed in dollars.
  • Effective Monthly Rate: The interest rate applied to your balance each month (APR divided by 12).

Decision-Making Guidance:

  • Compare APRs: Use the calculated APR to compare the effective cost of debt across different cards or scenarios.
  • Evaluate Payment Plans: See how changing your monthly payment or payoff duration affects the total interest paid and the implied APR. A higher monthly payment drastically reduces interest paid and shortens the payoff time.
  • Budgeting: Ensure your chosen monthly payment is sustainable. The calculator helps you see the long-term cost associated with your payment commitment.

By inputting your specific figures, you gain valuable insights into the financial implications of your credit card debt and payment habits, helping you make informed choices to manage your finances better.

Key Factors That Affect Credit Card APR Results

Several elements significantly influence the APR you are charged and the overall cost of your credit card debt. Understanding these factors can help you strategize for better rates and lower interest expenses:

  1. Credit Score: This is arguably the most critical factor. Lenders use your credit score to assess your creditworthiness. A higher credit score generally qualifies you for lower APRs, as it indicates a lower risk of default. Conversely, a poor credit score often results in higher APRs.
  2. Prime Rate: Many credit cards have variable APRs tied to the U.S. prime rate. When the prime rate increases (often influenced by the Federal Reserve’s policies), your credit card APR typically goes up. Conversely, it decreases when the prime rate falls.
  3. Card Type and Issuer Policies: Different credit cards, issued by different financial institutions, come with varying standard APR ranges. Premium cards might offer lower introductory rates, while cards for building credit often carry higher rates. Issuer policies dictate the range of APRs they offer to different customer segments.
  4. Payment History: Late or missed payments can trigger penalty APRs, which are significantly higher than your standard rate. Consistently making on-time payments is crucial for maintaining a good APR and potentially qualifying for rate reductions over time.
  5. Credit Utilization Ratio: While not directly affecting your APR, a high credit utilization ratio (spending a large percentage of your available credit) can negatively impact your credit score, which in turn can lead to higher APR offers or denials.
  6. Introductory Offers vs. Standard APR: Many cards offer 0% or low introductory APRs for a specific period. It’s vital to know when this period ends and what the standard APR will be afterward. Failing to pay off the balance before the intro period expires can lead to substantial interest charges at the higher standard APR.
  7. Fees: Although APR is primarily an interest rate measure, some fees can be factored into a broader “cost of credit” calculation (like the finance charge). Annual fees, balance transfer fees, and cash advance fees increase the overall cost of using the card, even if they don’t directly change the purchase APR.
  8. Economic Conditions: Broader economic factors, such as inflation and overall market interest rates, can influence the prime rate and, consequently, the APRs offered by credit card companies.

Managing these factors proactively can lead to lower interest costs and a healthier financial profile. Always review your credit card terms and conditions to understand how your specific APR is determined and how it might change.

Frequently Asked Questions (FAQ)

Q1: How is APR different from the interest rate?

APR (Annual Percentage Rate) is a broader term that represents the yearly cost of borrowing, including interest and certain fees, expressed as a rate. The interest rate is simply the cost of borrowing money, typically expressed annually. For most credit cards, the APR is very close to the interest rate because few additional fees are included in its calculation, but it’s essential to check the cardholder agreement.

Q2: Can my credit card APR change?

Yes, many credit cards have variable APRs that are tied to the prime rate. If the prime rate changes, your APR will likely change as well. Additionally, if you make late payments, your card issuer may impose a penalty APR, which is significantly higher.

Q3: How can I get a lower credit card APR?

Improving your credit score is the most effective way. Pay your bills on time, reduce your credit utilization, and avoid opening too many new accounts at once. You can also look for balance transfer offers to move your balance to a card with a lower introductory APR, but be mindful of transfer fees and the rate after the intro period expires.

Q4: What is a “good” APR for a credit card?

A “good” APR is generally considered low. For consumers with excellent credit, APRs can be in the low teens (e.g., 13-18%). Higher APRs (20%+) are typically associated with fair or poor credit or specific card types like store cards or cards for those rebuilding credit.

Q5: Does paying only the minimum payment affect my APR?

Paying only the minimum doesn’t directly change your APR, but it means you’ll be carrying a balance, and interest will accrue at your current APR. This makes it take much longer to pay off your debt and results in paying significantly more in total interest over time.

Q6: What’s the difference between purchase APR and cash advance APR?

Purchase APR applies to the money you spend on the card for goods and services. Cash advance APR applies to cash you withdraw using your credit card. Cash advance APRs are often higher than purchase APRs, and interest usually starts accruing immediately with no grace period.

Q7: How does the calculator handle promotional 0% APR periods?

This specific calculator determines the APR based on a fixed principal, monthly payment, and payoff period. It does not directly model promotional 0% APR periods. To use it for such scenarios, you would typically calculate the balance remaining *after* the promotional period and then use this calculator to determine the APR on that remaining balance over the subsequent payoff term.

Q8: Can I use this calculator to predict future APR changes?

No, this calculator estimates the APR based on *current* inputs (principal, payment, period). It does not predict future changes due to variable rates, market conditions, or penalty APRs. For those scenarios, you’d need to input the *expected* future balance, payment, and period, assuming a certain APR.

Related Tools and Internal Resources

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function calculateAPR() {
var principalBalance = parseFloat(document.getElementById(‘principalBalance’).value);
var monthlyPayment = parseFloat(document.getElementById(‘monthlyPayment’).value);
var paymentPeriodMonths = parseInt(document.getElementById(‘paymentPeriodMonths’).value);

var principalBalanceError = document.getElementById(‘principalBalanceError’);
var monthlyPaymentError = document.getElementById(‘monthlyPaymentError’);
var paymentPeriodMonthsError = document.getElementById(‘paymentPeriodMonthsError’);

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if (!isValid) return;

// Check if monthly payment is sufficient to cover even minimal interest
// A simple check: monthly payment should be greater than principal / months * 1.01 to avoid infinite loops for very low payments
if (monthlyPayment <= (principalBalance / paymentPeriodMonths) * 1.005) {
monthlyPaymentError.innerText = 'Monthly payment is too low to cover the principal and interest over this period.';
monthlyPaymentError.classList.add('visible');
isValid = false;
}

if (!isValid) return;

var resultsContainer = document.getElementById('resultsContainer');
var calculatedAPR = document.getElementById('calculatedAPR');
var totalPaid = document.getElementById('totalPaid');
var totalInterestPaid = document.getElementById('totalInterestPaid');
var effectiveMonthlyRate = document.getElementById('effectiveMonthlyRate');
var paymentTableBody = document.getElementById('paymentTableBody');

// Iterative calculation for APR (solving for 'r' in P = M * [1 – (1 + r)^(-n)] / r)
var r_low = 0.0001; // Monthly rate lower bound
var r_high = 0.1; // Monthly rate upper bound (e.g., 120% APR, very high)
var r_mid = 0;
var maxIterations = 1000;
var iteration = 0;
var precision = 0.000001;

while (iteration < maxIterations) {
r_mid = (r_low + r_high) / 2;
var pv = monthlyPayment * (1 – Math.pow(1 + r_mid, -paymentPeriodMonths)) / r_mid;

if (Math.abs(pv – principalBalance) principalBalance) {
r_low = r_mid; // Rate is too high, need lower rate
} else {
r_high = r_mid; // Rate is too low, need higher rate
}
iteration++;
}

var finalMonthlyRate = r_mid;
var finalAPR = finalMonthlyRate * 12 * 100;
var finalTotalPaid = monthlyPayment * paymentPeriodMonths;
var finalTotalInterestPaid = finalTotalPaid – principalBalance;

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effectiveMonthlyRate.innerText = (finalMonthlyRate * 100).toFixed(3) + ‘%’;
totalPaid.innerText = ‘$’ + finalTotalPaid.toFixed(2);
totalInterestPaid.innerText = ‘$’ + finalTotalInterestPaid.toFixed(2);

resultsContainer.style.display = ‘block’;
generatePaymentTable(principalBalance, monthlyPayment, finalMonthlyRate, paymentPeriodMonths, paymentTableBody);
updateChart(finalAPR, principalBalance, monthlyPayment, paymentPeriodMonths);

}

function generatePaymentTable(principal, monthlyPayment, monthlyRate, months, tbody) {
tbody.innerHTML = ”; // Clear previous table rows
var balance = principal;
var totalInterest = 0;
var totalPrincipal = 0;
var paymentNum = 1;

while (balance > 0.01 && paymentNum balance) {
principalThisMonth = balance;
interestThisMonth = monthlyPayment – principalThisMonth;
monthlyPayment = principalThisMonth + interestThisMonth; // Recalculate actual last payment
}

var endingBalance = balance – principalThisMonth;

var row = tbody.insertRow();
row.insertCell().innerText = paymentNum;
row.insertCell().innerText = ‘$’ + balance.toFixed(2);
row.insertCell().innerText = ‘$’ + monthlyPayment.toFixed(2);
row.insertCell().innerText = ‘$’ + interestThisMonth.toFixed(2);
row.insertCell().innerText = ‘$’ + principalThisMonth.toFixed(2);
row.insertCell().innerText = ‘$’ + endingBalance.toFixed(2);

totalInterest += interestThisMonth;
totalPrincipal += principalThisMonth;
balance = endingBalance;
paymentNum++;
}
// Fill remaining rows if payment period was longer than actual payoff
while (paymentNum APR),
// let’s simulate the TOTAL INTEREST PAID for the GIVEN P, M, n against slightly different APRs.
// This is a conceptual chart, as changing APR would normally change M or n.

var simulatedMonthlyRates = aprVariations.map(function(apr) { return apr / 100 / 12; });

simulatedMonthlyRates.forEach(function(monthlyRate, index) {
// For a fixed P, M, n, the APR is FIXED. To show chart variation, we must assume
// EITHER the APR is fixed and M/n vary, OR M is fixed and n/APR vary, etc.
// The prompt asks for a chart showing how total interest paid changes if APR were different.
// This implies we keep P and M constant and see how n and Total Interest change IF the APR were different.
// However, the core calculator solved for APR given P, M, n.
// A clearer chart would show Total Interest vs. APR for fixed P and M.

// Let’s simplify: Show total interest paid for the GIVEN P, M, n IF the APR were different.
// This means we need to find the TOTAL INTEREST PAID IF the APR were, say, 10% lower or 10% higher,
// assuming we still pay the SAME monthly amount until the balance is cleared.

// This requires an iterative solver for ‘n’ (number of months) for each test APR.
// Or, more simply, calculate the total interest paid IF the APR was X, and payment M was made.

var testAPR = aprVariations[index];
var testMonthlyRate = testAPR / 100 / 12;
var currentBalance = principal;
var currentTotalInterest = 0;
var currentMonths = 0;
var tempMonthlyPayment = monthlyPayment; // Use the user’s specified payment

// Simulate payoff with the test APR and fixed monthly payment
while(currentBalance > 0.01 && currentMonths currentBalance) {
principalThisMonth = currentBalance;
interestThisMonth = tempMonthlyPayment – principalThisMonth;
}

currentBalance -= principalThisMonth;
currentTotalInterest += interestThisMonth;
currentMonths++;
}

// If the simulated payoff is extremely long or impossible with the given payment,
// cap the interest or use a placeholder. For simplicity, we’ll just record calculated interest.
// A more robust solution would recalculate M for a fixed n and test APR.

aprData.push(testAPR.toFixed(2));
// Ensure total interest is not negative due to calculation quirks
interestData.push(Math.max(0, currentTotalInterest));
});

chartInstance = new Chart(ctx, {
type: ‘line’,
data: {
labels: aprData,
datasets: [{
label: ‘Total Interest Paid ($)’,
data: interestData,
borderColor: ‘var(–primary-color)’,
backgroundColor: ‘rgba(0, 74, 153, 0.1)’,
fill: true,
tension: 0.1
}]
},
options: {
responsive: true,
maintainAspectRatio: false,
scales: {
y: {
beginAtZero: true,
title: {
display: true,
text: ‘Total Interest Paid ($)’
}
},
x: {
title: {
display: true,
text: ‘Estimated APR (%)’
}
}
},
plugins: {
tooltip: {
callbacks: {
label: function(context) {
var label = context.dataset.label || ”;
if (label) {
label += ‘: ‘;
}
if (context.parsed.y !== null) {
label += ‘$’ + context.parsed.y.toLocaleString(undefined, { minimumFractionDigits: 2, maximumFractionDigits: 2 });
}
return label;
}
}
}
}
}
});
}

function resetCalculator() {
document.getElementById(‘principalBalance’).value = ‘5000’;
document.getElementById(‘monthlyPayment’).value = ‘150’;
document.getElementById(‘paymentPeriodMonths’).value = ’36’;

// Clear errors
document.getElementById(‘principalBalanceError’).innerText = ”;
document.getElementById(‘principalBalanceError’).classList.remove(‘visible’);
document.getElementById(‘monthlyPaymentError’).innerText = ”;
document.getElementById(‘monthlyPaymentError’).classList.remove(‘visible’);
document.getElementById(‘paymentPeriodMonthsError’).innerText = ”;
document.getElementById(‘paymentPeriodMonthsError’).classList.remove(‘visible’);

// Hide results
document.getElementById(‘resultsContainer’).style.display = ‘none’;
document.getElementById(‘calculatedAPR’).innerText = ‘–.–%’;
document.getElementById(‘totalPaid’).innerText = ‘–.–‘;
document.getElementById(‘totalInterestPaid’).innerText = ‘–.–‘;
document.getElementById(‘effectiveMonthlyRate’).innerText = ‘–.–%’;
document.getElementById(‘paymentTableBody’).innerHTML = ”; // Clear table

// Reset chart if it exists
if (chartInstance) {
chartInstance.destroy();
chartInstance = null;
}
// Re-initialize canvas context for a clean slate
var canvas = document.getElementById(‘aprChart’);
var ctx = canvas.getContext(‘2d’);
ctx.clearRect(0, 0, canvas.width, canvas.height); // Clear canvas content
}

function copyResults() {
var apr = document.getElementById(‘calculatedAPR’).innerText;
var totalPaid = document.getElementById(‘totalPaid’).innerText;
var totalInterest = document.getElementById(‘totalInterestPaid’).innerText;
var monthlyRate = document.getElementById(‘effectiveMonthlyRate’).innerText;

var principal = document.getElementById(‘principalBalance’).value;
var monthlyPayment = document.getElementById(‘monthlyPayment’).value;
var paymentPeriod = document.getElementById(‘paymentPeriodMonths’).value;

var textToCopy = “— Credit Card APR Calculation Results —\n\n”;
textToCopy += “Key Assumptions:\n”;
textToCopy += “- Principal Balance: $” + principal + “\n”;
textToCopy += “- Monthly Payment: $” + monthlyPayment + “\n”;
textToCopy += “- Payment Period: ” + paymentPeriod + ” months\n\n”;
textToCopy += “Calculated Results:\n”;
textToCopy += “- Estimated APR: ” + apr + “\n”;
textToCopy += “- Effective Monthly Rate: ” + monthlyRate + “\n”;
textToCopy += “- Total Amount Paid: ” + totalPaid + “\n”;
textToCopy += “- Total Interest Paid: ” + totalInterest + “\n”;
textToCopy += “\n— End of Results —“;

// Use navigator.clipboard for modern browsers
if (navigator.clipboard) {
navigator.clipboard.writeText(textToCopy).then(function() {
alert(‘Results copied to clipboard!’);
}).catch(function(err) {
console.error(‘Failed to copy text: ‘, err);
fallbackCopyTextToClipboard(textToCopy); // Fallback for older browsers or specific environments
});
} else {
fallbackCopyTextToClipboard(textToCopy); // Fallback
}
}

function fallbackCopyTextToClipboard(text) {
var textArea = document.createElement(“textarea”);
textArea.value = text;
textArea.style.position=”fixed”;
textArea.style.left=”-9999px”;
textArea.style.top=”-9999px”;
document.body.appendChild(textArea);
textArea.focus();
textArea.select();
try {
var successful = document.execCommand(‘copy’);
var msg = successful ? ‘Results copied to clipboard!’ : ‘Failed to copy results.’;
alert(msg);
} catch (err) {
alert(‘Failed to copy results.’);
}
document.body.removeChild(textArea);
}

// Initial calculation on page load if default values are present
document.addEventListener(‘DOMContentLoaded’, function() {
// Check if default values are set and sensible before auto-calculating
var p = parseFloat(document.getElementById(‘principalBalance’).value);
var m = parseFloat(document.getElementById(‘monthlyPayment’).value);
var n = parseInt(document.getElementById(‘paymentPeriodMonths’).value);
if (!isNaN(p) && p > 0 && !isNaN(m) && m > 0 && !isNaN(n) && n > 0) {
calculateAPR();
}

// Ensure chart canvas is rendered correctly
var canvas = document.getElementById(‘aprChart’);
if (!canvas) {
console.error(“Canvas element not found!”);
return;
}
var ctx = canvas.getContext(‘2d’);
// Initialize with empty chart data or a placeholder
chartInstance = new Chart(ctx, {
type: ‘line’,
data: {
labels: [],
datasets: [{
label: ‘Total Interest Paid ($)’,
data: [],
borderColor: ‘var(–primary-color)’,
backgroundColor: ‘rgba(0, 74, 153, 0.1)’,
fill: true,
tension: 0.1
}]
},
options: {
responsive: true,
maintainAspectRatio: false,
scales: {
y: { beginAtZero: true, title: { display: true, text: ‘Total Interest Paid ($)’ } },
x: { title: { display: true, text: ‘Estimated APR (%)’ } }
},
plugins: {
tooltip: { callbacks: { label: function(context) { return ‘$’ + context.parsed.y.toLocaleString(undefined, { minimumFractionDigits: 2, maximumFractionDigits: 2 }); } } }
}
}
});
});

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