A credit card issuer charges an APR of 19.66%, and its billing cycle is 30 days long. What is its periodic interest rate? Round your answer to the nearest hundredth of a percent.

APR = Annual Percentage Rate

billing cycle = 30 days or monthly

= 12 months/year

Periodic interest rate = APR/billing cycle

Periodic interest rate = 19.66%/year / (12 month/year)

= 1.6383%/month

=1.64% every billing cycle

Credit card issuer will charge 1.64% per billing cycle