Answer:
The answer is 1.62%
Step-by-step explanation:
A credit card issuer charges an APR of 19.66%
The billing cycle is 30 days
We have to find the periodic interest rate. The periodic rate is found by dividing the APR by the number of billing periods in the year.
The value here becomes:
= 1.615%≈1.62%
Hence, the answer is 1.62%
Hope this helps:)
