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Suppose the APR on your credit card is 2 2 . 2 3 % on standard purchases. The billing cycle starts on the 1 5

Suppose the APR on your credit card is 22.23% on standard purchases. The billing cycle starts on the 15th of each month and ends on the 14th of the next month. You were unable to pay the full amount during the March 15-April 14 billing cycle so had to carry over a $361.92 balance to your next cycle. When your April 15-May 14 bill arrives, these are the charges:April 15: Previous balance $361.92April 21 Grocery purchase $253.79May 1. Rent $649.00May 12. Cell phone bill $125.00Calculate the periodic interest rate: %(Round your answer to the nearest thousandth of a percent

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