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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 on standard purchases. The billing cycle starts on the th of each month and ends on the th of the next month. You were unable to pay the full amount during the March April billing cycle so had to carry over a $ balance to your next cycle. When your April May bill arrives, these are the charges:April : Previous balance $April Grocery purchase $May Rent $May Cell phone bill $Calculate the periodic interest rate: Round your answer to the nearest thousandth of a percent
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