Travis just got a new credit card that offers an introductory APR of 3.6% for the first 3 months and a standard APR of 14.4% thereafter. If interest is compounded monthly, what is the periodic interest rate during the first 3 months?. A. 1.6%. B. 1.2%. C. 0.3%. D. 0.4%.

Question

Chaya

Mathematics

16 November, 04:27

Travis just got a new credit card that offers an introductory APR of 3.6% for the first 3 months and a standard APR of 14.4% thereafter. If interest is compounded monthly, what is the periodic interest rate during the first 3 months?. A. 1.6%. B. 1.2%. C. 0.3%. D. 0.4%.

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Miah Thornton · Answer 1

According to the information given above t he introductory APR is going to be lower than this established in the first time. So you need to choose the lower rate from these options, and that's obviously C. 0.3%