Question

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

Answer 1

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%.