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21 May, 05:46

A credit card issuer charges an APR of 15.77%, and it's billing cycle is 30 days long. what is it's periodic interest rate

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  1. 21 May, 05:59
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    Given: Billing cycle is thrity days, and the annual percentage rate is 15.77%. Since there are 365 days in a year, you can now see that 365 / 30 = 12.17, divided by the annual percentage rate (15.77% / 12.17) the answer is 1.2958%. Summed up it is 1.30%. So the periodic interest rate is 1.30%.
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