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sergejj [24]
2 years ago
9

Sophie's credit card has an APR of 19 percent. What is the periodic rate?

Business
1 answer:
In-s [12.5K]2 years ago
3 0

Her daily periodic interest rate is 0.05%, her monthly periodic interest rate is 1.58%, and her semiannually periodic interest rate is 9.5%.
APR stands for the annual percentage rate of an interest rate of a person. The periodic interest rate is the portion of an annual percentage rate based on a specified period such as daily, monthly, and semi-annually. The Periodic interest rate is calculated by dividing the APR by the specified period such as 365 for the daily period, 12 for the monthly period, and 2 for the semi-annual period<span>.</span>
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