Given:
APR or annual percentage rate = 32.47%
billing cycle: 30 days
Annual percentage rate means that it is the percentage rate for the year. Therefore, we need to determine if the correct number of days used will be 360 days or 365 days.
30 days * 12 months = 360 days.
Divide the APR by 360 days to get the periodic interest rate or daily periodic rate.
32.47% ÷ 360 days = 0.09%
The credit cards' periodic interest rate is 0.09%
