Answered

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What is the periodic interest rate for an account that is billed monthly with an APR
of 32.99%? Round your answer to the nearest hundredth.

Sagot :

Missyummya

Answer:

The answer is 1.62%

Step-by-step explanation:

A credit card issuer charges an APR of 19.66%

The billing cycle is 30 days

We have to find the periodic interest rate. The periodic rate is found by dividing the APR by the number of billing periods in the year.

The value here becomes:

= 1.615%≈1.62%

Hence, the answer is 1.62%

Hope this helps:)

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