Question

What is the daily periodic rate for a credit card with an APR of 14.99%? Leave your answer as a percent rounded to 4 decimal places.

Answer 1

the daily periodic rate is 0.0411%

Explanation:

Given that

The Annual percentage rate is 14.99%

We need to find out the daily periodic rate for the credit card

As we know that

Daily periodic rate = annual percentage rate ÷ 365 days

= 14.99% ÷ 365 days

= 0.0411%

Hence, the daily periodic rate is 0.0411%