Acredit card issuer charges an apr of 13.50%, and its billing cycle is 30 days long. what is its periodic interest rate?

Let’s just say that the entire year is 365 days. So, we need to divide the APR (13.50%) to 365. This gives us a value of 0.037% and since the the billing cycle is 30 days, we need to multiply 0.037% to 30 to get it’s periodic interest rate. Therefore, the periodic interest rate is 1.11%.

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