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3 years ago

A credit card issuer charges an apr of 13.50%, and its billing cycle is 30 days long. what is its periodic interest rate?

2 answers:

8 0

Let’s just say that the entire year is 365 days. So, we need to divide the APR (13.50%) to 365. This gives us a value of 0.037% and since the the billing cycle is 30 days, we need to multiply 0.037% to 30 to get it’s periodic interest rate. Therefore, the periodic interest rate is 1.11%.

slavikrds [6]3 years ago

4 0

The answer is 1.11% Apex

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3 years ago

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