Louise has just received her credit card bill. The APR on this account is 13.9% applied over 12 periods. Her account balance is $3,633.00 and the statement lists her average daily balance as $3,545.00.
What is the periodic rate that will be applied to Louise's balance? Record your answer to 4 decimal spaces.
Here are a couple of things to think about.
Periodic rate is the APR/# of periods. She is being changed the APR over 12 periods.
Remember to record your answer to 4 decimal spaces (e.g., .0456)