A credit card issuer charges an APR of 15.77, what does it means?, here we will explain what is the periodic interest rate, if a credit card issuer charges an APR of 15.77%.
The annual percentage rate (APR) on a credit card is 15.77 percent, and the billing cycle is 30 days. what is the interest rate?
Given: The billing cycle is thirty days long, with a 15.77 percent annual percentage rate. Because there are 365 days in a year, 365 / 30 = 12.17, which is then divided by the annual percentage rate (15.77 percent / 12.17) yields 1.2958 percent. It comes to 1.30 percent when approximated. As a result, the annual interest rate is 1.30 percent.