Given:
The APR is 18.99%
Find-:
What is the periodic interest rate for an account that is billed monthly?
Explanation-:
The APR is calculated by dividing the APR by the number of periods it is to be converted to.
If, for instance, a monthly periodic rate is needed, divide APR by 12 as there are 12 months in a year.
So, the billed monthly are:
The monthly bill is 1.58%