Question

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%

Answer 1

Bi- monthly is 2 times per month.

2 x 12 months = 24

18.99 % / 24 = 0.79125%

Answer: c. 0.79125%