Determine the bi-monthly periodic interest rate on an account with an 18.99% APR. a 0.52389% b 0.6129% c 0.79125% d 1.5825%

asked Jul 10, 2022 3.1k views

1 vote

Determine the bi-monthly periodic interest rate on an account with an 18.99% APR.

a
0.52389%

b
0.6129%

c
0.79125%

d
1.5825%

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1 vote

Bi- monthly is 2 times per month.

2 x 12 months = 24

18.99 % / 24 = 0.79125%

Answer: c. 0.79125%

Sydwell answered Jul 16, 2022

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