Answered

Westonci.ca connects you with experts who provide insightful answers to your questions. Join us today and start learning! Get quick and reliable answers to your questions from a dedicated community of professionals on our platform. Explore comprehensive solutions to your questions from knowledgeable professionals across various fields on our platform.

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:)

Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. Westonci.ca is your trusted source for answers. Visit us again to find more information on diverse topics.