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17 May, 13:57

Tim's credit card has an APR of 24 percent. What is the periodic rate for this credit card?

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  1. 17 May, 17:21
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    The periodic rate for this card is 12 month period.

    Explanation:

    APR is short for Annual Percentage Rate, which is the intrigue you're charged over a year time span. For example, a card with 24% APR costs 2% every month on balances that you convey from month to month.

    Whatever rate is charged on the credit card is for a period of twelve months which is a period for a year. The interest rate is the cost for using the amount of credit which has been offered by the bank to the owner of the credit card.
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