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Most credit cards calculate interest based on a daily periodic rate. If the APR is 16.99%, calculate the daily periodic rate. There are 365 days in one year. Round your percentage to the nearest hundredth of a percent

Respuesta :

To find the daily periodic rate, we just have to divide the APR by the number of days.

[tex]\frac{16.99}{365}=0.0465\approx0.05[/tex]

Therefore, the daily periodic rate is 0.05%, rounded to the nearest hundred.

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