Answer:
Periodic Interest rate = 0.8893151 % ≈ 0.89%
Step-by-step explanation:
Given that a credit card issuer charges an apr of 10.82%, and its billing cycle is 30 days long.
It means APR = 10.82%, Daily interest rate = 10.82%/365 = 10.82/36500 = 0.000296438
Billing cycle = 30 days.
Periodic Interest rate = Daily interest rate x Billing cycle.
Periodic Interest rate = 0.000296438 x 30
Periodic Interest rate = 0.008893151
Periodic Interest rate = 0.8893151 % ≈ 0.89%
