What Does Mean: A credit card issuer charges an apr of 15.77,
A credit card issuer charges an APR of 15.77, what does this simple means?, We are going to explain in details, what is the periodic interest rate, if a credit card issuer charges an APR of 15.77%.
The periodic rate is the interest rate expressed in periods (or time). So, if a credit card issuer charges an APR of 15.77%, that means for every $100 you charge on your credit card, you will have to pay $15.77 in interest.
Periodic rates are often written as: a x b or a/b which means: “a per b”, or “a divided by b”. For example, an annual percentage rate (APR) of 15.77% is expressed as 1.577 x 100 = 157.7%. In this case, “a” = the annual percentage rate, and “b” = 100 (because one year = 100%).
So, to find the periodic interest rate (r), use this formula: Periodic Rate = Annual Percentage Rate / Number of Periods
In our example, r = 1.577 / 12 = 0.0138 *100= 1.38%
Note: This assumes that the APR is based on a 365-day year with 12 months and no days or
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