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Sophie's credit card has an APR of 19 percent. What is the periodic rate? a. 1.58% b. .79% c. 19% d. 2.28%

Sophie's credit card has an APR of 19 percent. What is the periodic rate? a. 1.58% b. .79% c. 19% d. 2.28%
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Sophie's credit card has an APR of 19 percent. What is the periodic rate?

a. 1.58%
b. .79%
c. 19%
d. 2.28%

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User AthanasiusOfAlex
by
8.4k points

1 Answer

5 votes
A periodic rate is the interest rate (usually APR divided by 12) one if charged for one payment period.

19/12=1.58333 therefore is 1.58%
answered
User Alex Roig
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8.2k points
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