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gavmur [86]
3 years ago
5

The periodic rate is _____.

Social Studies
1 answer:
JulijaS [17]3 years ago
5 0

<u> Answer: </u>

The interest rate is that you are being charged for one payment period.  

<u>Explanation: </u>

The periodic rate is nothing but the annual percentage rate over the number of billing periods in a whole year. It is an interest rate that is charged for the loan that you have received.

It depends on the amount left for you to repay each day or each month depending on whether it is the daily periodic rate or a monthly periodic rate. Basically, if there are large amounts left for you to pay at the end of a day or a month, interest rates will be calculated based on that and hence greater will be the periodic rate.

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