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A credit card issuer charges an APR of 8.67% and its billing cycle is 30 days long what is its periodic interest rate.

A credit card issuer charges an APR of 8.67% and its billing cycle is 30 days long what is its periodic interest rate.
asked 70.6k views
3 votes
A credit card issuer charges an APR of 8.67% and its billing cycle is 30 days long what is its periodic interest rate.

asked
User Kockiren
by
8.3k points

2 Answers

2 votes

Answer:

0.71% is the periodic interest rate

- Apex User

Explanation:


answered
User Jerfeson Guerreiro
by
8.2k points
3 votes
8.67×(30÷365)=0.71%per billing cycle
answered
User DPS
by
8.1k points
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