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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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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%

User Ankit Doshi
by
4.9k points

1 Answer

1 vote

Bi- monthly is 2 times per month.

2 x 12 months = 24

18.99 % / 24 = 0.79125%

Answer: c. 0.79125%

User Sydwell
by
4.0k points
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