Question

@John_ES

A credit card issuer charges an APR of 13.50%, and its billing cycle is 30 days long. What is its periodic interest rate?

A. 11.43%
B. 0.89%
C. 11.37%
D. 1.11%

Answer 1

I would choose D, following this,
\[13.50/365\cdot30\approx1.11\%\]

Answer 2

Where you distribute the anual interest 13.50 in the 365 days of the year, and then, calculate the interest accumulated for 30 days.