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Most credit cards calculate interest based on a daily periodic rate. If the APR is 16.99%, calculate the daily periodic rate. There are 365 days in one year. Round your percenta…

Most credit cards calculate interest based on a daily periodic rate. If the APR is 16.99%, calculate the daily periodic rate. There are 365 days in one year. Round your percenta…
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Most credit cards calculate interest based on a daily periodic rate. If the APR is 16.99%, calculate the daily periodic rate. There are 365 days in one year. Round your percentage to the nearest hundredth of a percent

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User Mtoto
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8.3k points

1 Answer

2 votes

To find the daily periodic rate, we just have to divide the APR by the number of days.


(16.99)/(365)=0.0465\approx0.05

Therefore, the daily periodic rate is 0.05%, rounded to the nearest hundred.

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User Siefca
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8.5k points
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