Question

How do you calculate the daily periodic rate?

Answer 1

A daily periodic interest rate is calculated by dividing the annual percentage rate, or APR, by either 360 or 365, depending on the card issuer.

Answer 2

Answer:

First we need to know what's APR.

APR refers to a annual periodic rate that's charged in a credit card. It changes depending on the company. So, the daily periodic rate can be calculated by dividing the APR of the credit car by 360 or 365, depending on the credit card companies.

So, basically, you need to call the company and ask about the APR and ask if the use 360 or 365 days to calculate the daily periodic rate, then do the division.