Question

Determine the weekly periodic interest rate on an account with a 32.99 APR. Round to the nearest thousandth. 2.750%2.749%0.635%0.634%

Answer 1

Answer: 0.634%

Periodic interest rates refers to the APR converted into the given periods. Since we are to determine the weekly periodic interest rate, we are going to divide the given APR by the number or weeks in a year. Given that there are 52 weeks in a year:

`(32.99\%)/(52)=0.6344\%\approx0.634\%`

Therefore, the answer is 0.634%.