What is APR?

APR or annual percentage rate is an representation of interest rate on annual basis. In simple words APR is cost of borrowing money from bank or any financial institute for period of one year.

Annual percentage rate considers different costs associated with borrowing like, closing fees, administrative fees, late fees, etc. This makes APR one of the good method to calculate the cost of borrowing.

But, annual percentage rate does not consider the compounding of interest wherever it may apply.

APR is also used to compare costs of different loans and credits which may be available by different lenders.

Working of APR

Let us consider example of credit cards to explain working of APR. When you purchase a credit card, the credit card company will provide you with some benefits over the spending done with the card. 

When you spend using your credit card you have to pay back the spent amount within the given due date, doing so will you will not incur any interest. You also have option to carry forward the balance on which interest is charged. Along with this interest there is something called as card fees which is charged annually and if you are late in paying the dues then you maybe charged with additional charges.

These additional charges, card fees and interest cumulated over a year are part of APR.

Types of APR

There are two types of APR: Fixed APR and Variable APR.

• Fixed APR: When you are under fixed APR, the interest rate applied to principal amount of the loan or spent amount via credit card does not change. Also, the APR calculated is fixed which is calculated as per the fixed interest rate. If you have fixed APR then the amount which you will be paying every year will not change.
• Variable APR: A variable APR will keep changing because the interest which is put on the principal amount changes over time. These interest rates are dependent on the changes in the lending rates. So, if there is increase in your interest rate then, your APR will also increase. 

If your APR is high then, you may end up paying more to the lenders via paying more interest on the remaining balance. But, if you repay the borrowed money on time then you would not be charged with APR. The reason for APR not being charged is for the fact that the APR is calculated on the basis of balance amount left. So, if you pay the balance amount in full and within time then the APR will not be applicable to you. 

How to calculate APR?

To calculate APR of your loan you must know your principal amount, period of your loan and any extra costs additional to your interest. 

Calculating APR is a simple process, just follow the steps below:

• Calculate the interest rate of your loan
• Add additional fees associated with your loan to the interest 
• Divide the above calculated amount with principal amount of your loan and its period.
• Multiply the number you get with 100.

Formula of APR:

APR = (Interest +Fees)*100/(Principal Amount + Period of the loan)

Consider below example to understand how APR is calculated:

John borrows $5000 at am interest rate of 7% per annum for 3 years which is not compounded. The bank is charging $300 as administrative cost over the loan.

Before calculating John’s APR we will have to calculate his interest on the borrowed money. 

To calculate interest, we are using simple interest formula that is: A = (P(1 + (r*t))), where A is the total amount, P is principal amount, r is interest rate of the loan and t is time period for which the loan is borrowed.

So, John after 3 years John will have to return (5000 (1 + (0.07*3))) that is $6050. 

Hence, the interest for 3 years will be $6050 – $5000 = $1050. i.e. John has to pay additional $1050 over $5000 which he has borrowed. This additional money does not include other costs like administration fees.

Now, we will add administrative fees of $300 to the interest which is $1050. Sum of two is $1350.

At this final step we have to divide above amount with principal amount and period of the loan and multiply it by 100 i.e. ($1350 / ($5000*3)) * 100 = 9%.

The APR on John’s loan is 9%.

You can see that although the interest rate on the loan is only 7% but in reality, the cost of your loan is 9% when other costs and fees are included. If this loan had interest which was compounded annually still the APR would remain same.

APR on Payday Loans

When looking at the fees for borrowing a payday loan, it may seem inexpensive and you may immediately fork out the fees for instant cash. But, these payday loans are deceptive until you calculate APR and realize how expensive it can be. This gives another reason to look out for other options if you are considering to take payday loan.

Calculation of APR for payday loan is similar to that of calculating normal APR. To calculate the APR for payday loan:

• First divide the borrowing fees by the loan/principal amount
• Multiply the above number by 365
• Now divide the above calculated value by the term of loan and multiply it by 100.

For example, if you take a $200 payday loan that is due on the 14^th day from the day of borrowing and it has borrowing fees of $30. So, the APR will be 391% which is exorbitantly high.

APR and Credit Cards

Your APR will tell your interest rate on credit card but your APR will not show the effects of compounding interests, due to this you will always be paying more than the estimated or quoted APR by the credit facilitator.

When you carry the balance of your borrowed money on credit card, you have to pay interest on the borrowed money and there is also interest on the past accumulated interest. This is the compounding where you have to pay interest over interest and this makes cost of borrowing higher than what you may have anticipated.

Different card companies have different policies some charge only interest and some may have card fees which is charged annually. So, it is advised to do your research while getting a credit card as there are many factors affecting APR on credit cards.

Disadvantages of APR

Overall APR is an easy way to calculate how much you will pay every year over your borrowed money but, this method of calculating the cost of borrowing is not perfect. Using APR as the sole method to calculate the cost is not good because

• Your calculated APR will be accurate only if you know that you are paying your loan within the defined term. But, if you are not able to pay your loan within the defined term or if you refinance the loan then your APR will change.
• APR will vary with the lender and different lenders have different interest rates, fees and policies. Hence, it is advised to thoroughly check interest rates and fees associated with the loan as there may be hidden fees. This hidden fee may not be added up to APR and thus, give you incorrect APR.
• Also, compounding effect of interest rate is not accounted into APR. If your interest is being compounded then you should consider some other metrics to calculate cost of borrowing.

When in need of urgent cash, it becomes difficult to get funds from big financial institutes via traditional ways if the credit scores are at the lower end of FICO score. At such situation options available are Installment loans, which are provided by multiple financial institutes or another option is payday loan, which can be borrowed by any lenders. 

To understand how installment loans are best and better than payday loans, we need to understand terminologies like bad credit, installment loans and payday loans.

What is Bad Credit?

Bad credit is an indicator of poor credit records and is depicted by lower FICO scores. When your credit scores are low, you are considered as a risky borrower. With such considerations it becomes difficult to get loans and funding and, also you do not have most of the privileges which a person with good credit score has. With poor scores you miss on privileges like lowered interest rates, priority funding/loans, more favorable terms and most importantly lower chances of denial.

Impact of bad credit score is not just limited to loans and funding or credit card approvals. With poor credit scores you will also find it difficult to get,

1. Cell phone contracts
2. Student loans
3. Affordable car insurance
4. Job

Poor credit score can impact your chances of getting hired, it is observed that employer tend to check credit histories of the applicant. Employers use credit histories to get sense of dependability. 

What are Installment loans?

Installment loans are loans borrowed at once and the debt is repaid with small fixed payments which are paid at set schedule decided at the time of borrowing. Installment loans has fixed interest rate which is paid with the fixed payment. 

Installment loans are prominently offered by banks and other credit unions and organizations. Most common types of installment loans provided by these lenders are personal loans, car loans, and mortgages. Car loans and mortgages are used to finance specific purchases whereas personal loans can be used for different purposes.

One can use personal loan for building credit score, repay some debts, or to fund every day or personal expenses. Personal loans are easier to get even if the credit score is low as it is possible to give this type of loan without any security or collateral. 

What is a Payday Loan?

A payday loan is a small amount loan which is given a for a very short term. This type of loan is usually paid back in single lumpsum payment by the borrower’s next paycheck. 

Payday loan is also called as:

• Cash advance
• Short-term loan
• Payday advance loan
• Fast cash or fast loan
• Bad credit loan
• Deferred deposit transaction
• Paycheck advance

These types of loans are usually targeted towards poor people or people with no credit score and history, or people who are financially illiterate and in need of urgent cash. But, for people with poor credit score, this is their first option when in need of some cash.

One can get payday loan within a day or so and has very few requirements when compared with other loans. More importantly these lenders do not check credit score or credit history and the loan is unsecured. 

The flip side of payday loan is that the interest charged by lenders for such lending is exorbitantly high. An average payday loan can have interest rate as high as 400%, if you are not able to pay this loan then you put yourself into risk of incurring many different fees and fines, and eventually put you into a vicious debt trap. 

Although these loans do not require any collateral or security but, the lender will take a post-dated check from you which your lender will cash on the date mentioned on the check. So, you must see to that you have enough balance in your account to cover the amount on the check or else you may get into legal trouble.

Installment loans for bad credits

For a consumer with a bad credit score borrowing money via installment loans from reputed financial institutes like banks and credit unions is not that difficult as presumed. Financial institutes can give loans to person with bad credit score after scrutinizing the credit history. 

To understand your chances of getting an installment loan you should know how FICO credit score is calculated. Check below to know on which factors credit score is calculated and how much weightage each factor has,

1. Payment History – 35%: Your past payment history carries the most weight towards your credit score. In past payment history it is checked whether you have paid past credit dues and how timely are you paying your other dues and bills. This help lenders assess risk while lending you money. Late payments, defaults, bankruptcy and repossessions can affect this score.
2. Amounts Owed – 30%: Owing money on your credit accounts may imply towards low FICO score but it does not account you as a borrower who possess high risk. However, if your credit usage is too high from the available credit, then it is indication that you are thinly stretched. This can give an impression of you someone who is likely to default.
3. Length of Credit History – 15%: Long credit history will account towards better FICO scores so, it does not mean that people who have not been using credits for long period will not have good FICO scores, other factors also plays role and if rest of these factors are good then your FICO score will be good. FICO scores will look for age of all of your accounts and how period of usage of each account.
4. Credit Mix – 10%: Your other financial interactions like credit cards, retail accounts, loans, mortgages, etc. are also considered while calculating. But, it is not necessary for you to have all of these. A mix of different credits usage shows that you are a responsible borrower and possess less risk.
5. New Credit – 10%: Opening numerous credit accounts within a short amount of time represents a great risk and it is not good to open multiple credit accounts if your credit history is not old. It is observed that having numerous credits at a short time affects FICO scores.

If you are someone who has bad credit score but were well within the FICO guidelines then your chances of getting loan is good. Moreover, installment loans are not strict with the FICO score and they will review your loan file as per their policies too.

Banks and other finance unions just want to make sure that the money they are lending is not at risk and there is assuring that will get their money back. If you are able to show that then it likely that you will secure a loan.

How installment loans are best for bad credit?

As you have understood what bad credit, installment loans and payday loans are, you must have also understood the basic working of installment loans. What makes installment loans best choice is that you do not have to pay all of the amount with interest at a time, instead you pay the money at small fixed intervals. 

Another advantage of taking installment loans is you are borrowing from credible sources and it can also help improve your credit scores.

The interest rates charged for installment rates are low, you may see that you are not getting privileges like other borrowers with scores and you are paying higher interest rates but, if you compare the interest rates with payday loans you will realize that you are paying less. As mentioned in earlier section payday loans can have interest rate averaging at 400%.

When comparing with the alternative, payday loans, installment loans outshine in every aspect as it is less burdening on borrower, provides better interest rates and it can also be refinanced and, financial institute may also help with some exit option. Whereas, with payday loans repayment can become a burden as the money borrowed has to be paid with interest in lumpsum, interest rates are too high and eventually it can become a debt trap.

The only advantage a payday loans has over installment loans is that the loans are approved fast and does not require any hefty paper work.

If you are looking for some finance and way to improve credit score, consider personal installment loans. They are safe and less risky way to improve credit. 

You should also consider secured credit cards as another option to build your credit. For these types of cards, you will have to pay some upfront cash as security deposit which can be in few hundred dollars. These deposit requirements can help you get a secured credit card without consideration about your credit scores.

To decide where should we go with your eye problems we need to understand what optometrist and ophthalmologist do and how do this professionals help differentiate. If I want to tell in brief, optometrist are the ones who examine eyes for vision and health problems, and ophthalmologist are the eye specialist who has knowledge of optometrist but also does eye surgeries. 

Read below and you will know which one will be better for you, optometrist or ophthalmologist.

What an Optometrist does?

Optometrist examine, diagnose, treat and manage diseases which occur in eyes. They are primary health care providers. It may not seem but an optometrist plays an important role in patients’ complete health and diagnosing varied diseases, such as diabetes, hypertension, coronary problems, etc.

Optometrist can also prescribe medications for any eye problems and can also prescribe different vision therapy. An optometrist can also write prescriptions for prescription lenses.

Any surgical or non-surgical options available for any eye treatment is counselled by optometrist. At some places optometrist will also help in pre and post-operative care after eye surgery. If in US, optometrist is licensed to perform surgery whereas in UK they are not trained nor licensed to perform surgeries on eyes.

What an Ophthalmologist does?

An ophthalmologist is a medical doctor who is a specialist in eye and vision care. Ophthalmologist are different than optometrist in the level of training, knowledge which they have.

Ophthalmologist can diagnose and treat all kinds of eye diseases, perform eye surgeries and prescribe medications for vision problems. Ophthalmologist have medical training and is licensed to perform surgeries in both US and UK.

Ophthalmologists are extensively trained and have under gone at least eight years of medical training after their 4 to 5 years of studies at medical schools.

Whom to Visit? Optometrist or Ophthalmologist

Before going to any of the eye care professional you can do some self-assessment and decide on the professional to visit.

After your assessment, if you believe your eyes and your overall body is healthy then you should give a visit to optometrist.

If you are already suffering from any eye condition like glaucoma, macular degeneration or cataracts then it is time to see an expert who is highly trained and specialized, ophthalmologist. In cases like this, medical treatment and monitoring from highly skilled ophthalmologist is required. 

Majority of the common eye problems like dry eyes, common eye infections and few chronic eye diseases can be treated by optometrist. If you believe you have some eye condition then consult with an optometrist before going to an ophthalmologist.

From the age of 18 years to 60 years, if you have any eye problems or use prescription lenses then you should visit optometrist every two years for routine checkup. After age of 60 years, you should see an optometrist at least once in a year. Regular eye checkup can help keep eyes healthy for long time and with these routine checkups you may discover any disease at early stage.

Also, if you see these following signs or suffering from any of the mentioned conditions then you should immediately see an ophthalmologist. An eye examination from specialized eye professional can save the light in your eyes. 

• Bulging of one or both eyes;
• Dark curtain or veil that blocks your vision;
• Decreased vision, even if temporary;
• Diabetes mellitus;
• Distorted vision;
• Double vision;
• Excess tearing;
• Eyelid abnormalities;
• Family history of eye disease;
• Halos (colored circles around lights);
• High blood pressure;
• HIV or AIDS;
• Injury to the eye;
• Loss of peripheral (side) vision;
• Misaligned eyes;
• New floaters (black “strings” or specks in the vision) and/or flashes of light;
• Pain in the eye;
• Thyroid disease-related eye problems (Graves’ disease);
• Unusual red eye.

In cases with specific eye problems both optometrist and ophthalmologist work together to provide treatment. Such case where both optometrist and ophthalmologist working together are called as co-management. 

In co-management, optometrist covers your primary care and then the optometrist recommends to an ophthalmologist for complete and thorough diagnosis and treatment. The ophthalmologist will focus on controlling the eye condition via medical treatment, surgery or by both medical treatment and surgery. After controlling the eye condition, the ophthalmologist will send back patient to optometrist. 

To conclude with, you have to decide based on your health conditions and obviously your eye conditions whether you have to see optometrist or ophthalmologist. If you do not know the issue or feel that the issue is minor then visit optometrist or ophthalmologist will be more suitable if you have any above prevailing conditions or believe that the issue with your eyes is serious and requires specialized attention.

The 20th Century Fox has been rebranded as 20th Television dropping both ‘Century’ and ‘Fox’. In January Disney had dropped ‘Fox’ from the name and later in this month dropping the name ‘Century’.

Entertainment giant, Disney had acquired many assets from Fox in year 2019 at the price of $71 Billion. After acquisition the name was changed from 20th Century Fox to 20th Century.

The new logo retains old theme and searchlight just, ‘Century’ and ‘Fox’ has been removed from it. New logo has words 20th Television and it will be shown on new episodes of TV series starting this fall. Shows and episodes which have aired before the rebranding will hold the legacy 20th Century Fox logo and name.

Disney’s decision to remove the ‘Century’ and ‘Fox’ is to avoid confusion amongst its customers in distinguishing between their assets and assets still possessed by Fox. At present, Fox owns Fox Entertainment, Fox Sports and Fox News and these have nothing to do with Disney.

Not only Fox, Disney is also rebranding its other TV studios with new logos and names. Disney has already changed names of ABC Studios and ABC Signature Studios to ABC Signature. The entertainment company is also going to change Fox 21 Television Studios to Touchstone Television.

In one of the statements, Disney television studio president Craig Hunegs said: “Our new studio names and logos mark a new day for ABC Signature, 20th Television and Touchstone Television while honoring their rich histories and the creative power of The Walt Disney Company.”

20th Century Fox Television was formed by merger of 20th Century Pictures and Fox Films in year 1935. It became prominent name since 1949 and has produced evergreen shows like ‘The Simpsons’, M*A*S*H, Modern Family and original Batman series.

The 20th Century Fox’s film studio has produced blockbuster movies making big money which include names like, Avatar and Titanic. Not to forget, movie series, ‘Star Wars’, ‘The Sound of Music’, ‘Die Hard’ and ‘Home Alone’.

Disney is an entertainment company reckoned as most powerful one in media sector. With Disney+ it has ventured into streaming services and taking on the likes of Netflix and Amazon Prime.

Both Google and Apple take 30% cut from any apps which are available on their app stores and by bypassing the payment systems, companies won’t receive their shares.

Though Fornite has been removed from Google Play Store, there are other app stores from where it is possible to download the game on any Android smartphone. But, iPhone and iPad users are not so lucky since, there aren’t any alternatives to Apple App Store.

How did Epic Games violate the rules?

With Epic Games latest update to Fortnite, it offered its users 20% discount on the currency used inside the game known as V-bucks. But, to avail the offer users had to pay directly to Epic Games rather than using payment systems provided by Apple or Google.

By rules, games which are made available via Apple App Store or Google Play Store have to use their payment systems and thus, by asking users to pay directly Epic Games violated the rules.

Epic Games had anticipated that their game would be taken off by Apple and Google, and on Thursday, Apple took down the game from its app store and soon after it Google did the same.

Immediately after the game was down, the game company released a video with hashtag #FreeFortnite. It was also quick at filing suit against Google and Apple.

What is the suit about?

From the documents available at US court record system, it has come to known that Epic games has filed the suit at California court against both Apple and Google.

The suit is about mandatory cut of 30% which both Google and Apple take for each and every sale from their application stores. The suit also raises issues about how Apple and Google are taking advantage of their power and monopoly.

In past Google did not allow LG to put Epic Games software on its devices by binding LG in a contract. Even One Plus had to go through similar situation and was not allowed to indulge with the game company.

What are the demands of Epic?

Epic has stated that it does not seek any monetary compensation from the tech giants nor it is trying for a favorable deal for itself.

The company has said that it wants to make mobile app stores to be fairer for all developers. It also expects from Google and Apple to reduce its commission from 30%. 

In past many developers have complained about the commissions taken by the app stores is too high leaving pennies to the developers. If Apple and Google reduce their commission then it will be relief for app developers and more importantly to Epic.

The game company is directly processed transactions over $1.6 billion which does not include payments via App store and Play store.

Statements from Google and Apple

Google stated that users have alternative to download and install apps from other sources and as per the company Play Store is one such source.

It also stated that the developers working on Android ecosystem can distribute their applications via multiple platforms and stores. But, for using Play Store to provide applications, it has policies which are necessary to keep the store safe for users and it also says that their policies are fair.

Apple also released a statement: “Epic has had apps on the App Store for a decade, and have benefited from the App Store ecosystem – including its tools, testing, and distribution that Apple provides to all developers.” said Apple.

Apple added that Epic agreed to terms and conditions of their app store under no pressure and they were pleased to see Epic’s business grow on their store. It accused Epic of special arrangements which Apple would not provide under fair play and chance for all developers on App Store. 

Even Apple said that their guidelines are created in a way that will safe guard users.

Both Apple and Google are working out with Epic to resolve the violation and get Fortnite back on their stores.

Apple and Google have already been questioned and are under review because of their practices relating to fair competition where they were accused of using their power.

What do you think about the suit and what do you think will be the outcome? Do share your views in comments below.

There is always an option to control blood sugar levels with medications or by taking shot of an insulin. Though, medication and external dose of insulin may help to lower blood sugar quickly but, the effects are not lasting and you may need to take next dose soon.

Taking insulin shot is always a way to lower blood sugar quickly, but along with the medications if you do 5 things mentioned ahead in the article, you can lower blood sugar quickly and have it under control for long time.

Your diet and lifestyle will play big role in faster control of blood sugar levels.

5 Things you should do to lower blood sugar quickly

1. Exercise Regularly

If your body has enough insulin then exercise will work best for you to quickly lower your blood sugar levels. But, if you are low on insulin and your body will start burning fat and this may lead to ketoacidosis which is detrimental for the body. 

So, if you are type 1 diabetic patient and have hyperglycemia then you should refrain from intense workout sessions. Also, avoid exercising during emergency situations.

If you do not have any of the above conditions then, you should work out regularly and you will notice difference in your blood sugar levels. You can do activities like walking, jogging, running swimming, weight lifting, etc. 

Go with exercises which you enjoy most. You need to exercise regularly to see fast results which are lasting.

2. Drink Water

Drinking adequate amount water daily can help lower your blood sugar levels. Drinking water keep you hydrated (dehydration is common problem faced by diabetic patients) and also helps kidneys to flush out excess blood sugar via urine. Also, your blood sugar gets diluted if you drink sufficient water.

As per studies, normal person should drink around 6 to 8 glasses of water that is approximately 1.5 liters water. But, keep in mind that anything in excess is not good and drinking lot of water may not be good for you too especially if you are going through any heart conditions or kidney problems.

3. Reduce Sugar Intake

If you are one of those people who like to drink coke then, you will have to stop drinking it. These beverages are high in sugar and it is bad for your health. Along with these beverages you should also avoid ice cream, cakes, biscuits, soda, etc. 

These foods contain lots of sugars and can easily shoot your blood sugar levels. So, it is best to avoid such foods.

It is unfortunate that more than 60% of foods which we find at our local grocery stores contain high amount of sugar even though it is written ‘healthy’ on the label.

4. Reduce carbohydrates from your diet

Proper diet is necessary to regulate blood sugar. To lower blood sugar quickly you need to shift for foods that lower blood sugars immediately. 

Your diet should include more leafy greens, fruits, lentils, lean meats, etc. and reduce carbohydrates. Our body breaks carbohydrates into glucose or sugars and which in turn increases sugar level in blood. 

So, it is advised to lower carbohydrates from diet and if possible, completely shut off simple carbs from diet instead shift too complex carbs. 

5. Include food with low glycemic index in diet

Glycemic index is an index which ranks different food as per its conversion to glucose by our body. You must have realized why your food should have low glycemic index, it is effective way to quickly reduce blood sugar levels.

If you are someone suffering with type 1 or type 2 diabetes then, your diet must consist of food with low glycemic index. Some common foods which contain low glycemic index are eggs, potatoes, beans, vegetables, etc. So, see to that these foods are included in your diet.

Are you already doing any of the above things? Do let me know in the comments.

The BTS ‘Dynamite’ teaser photos features RM, Jin, Suga, J-Hope, V and Jungkook in their new avatars. RM’s light blue hair has been a hot topic amongst the fans and there were many speculations of his hair color for some time. 

After teaser release, many of the apparels and accessories which idols sported were sold out in no time. $40 Black OBEY T-Shirt worn by J-Hope for the photo shoot was the first apparel to be sold out after the release of BTS ‘Dynamite’ teaser photos. The tees were instant hit and it was sold out within minutes.

Along with J-Hopes Black OBEY T-Shirt, Jungkook’s $2,120 denim hoodie was also sold out. The denim hoodie by Louis Vuitton was sold out in many countries after the teaser of BTS ‘Dynamite’. Along with European regions of UK, France, Germany, Spain, Germany, Russia, Denmark, Belgium, Ireland, Finland, Sweden, Austria, Monaco, Netherlands and Luxembourg, the hoodie was also sold out in Asian regions like Dubai and Abu Dhabi.

Suga’s Luis Vuitton Leaf Denim Shirt was also hit in US and Canada, and along with these two countries it was also sold out in many more regions. 

Clothing weren’t the only items that were hit from the ARMY’s list, accessories worn by V in the teaser photoshoot were also sold out. Just like apparels, the accessories were also sold out within minutes of teaser. Few of such accessories was were V’s bead necklace and stone earrings.

If you were to buy any of the outfits from the teaser photo, which one would you get? Let me know in the comments.