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Sergeu [11.5K]
3 years ago
5

Jack's credit card has a 20% APR. Find the periodic interest rate from June 3

Mathematics
1 answer:
Neporo4naja [7]3 years ago
4 0

Answer:

B. 1.67%

Step-by-step explanation:

The periodic rate is the annual interest rate divided by the number of periods.

  • The period from June 3  to July 2 is a Month.
  • There are 12 Months in a Year

Therefore, we divide the annual interest rate by 12.

20\% \div 12 =1.67\% $(correct to two decimal places)

Therefore, the periodic interest rate for Jack's credit card from June 3

to July 2 is 1.67%.

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