If the billing cycle length for a credit card is one calendar month, which of the following months will result in the greatest periodic

Question

If the billing cycle length for a credit card is one calendar month, which of the
following months will result in the greatest periodic interest rate?
O A. December
B. June
C. April
!!!2O D. September​

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Ngọc Hoa 4 years 2021-08-27T05:52:10+00:00 1 Answers 31 views 0

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  1. kimchi2
    0
    2021-08-27T05:53:31+00:00
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    Answer: A.) December

    Explanation:

    December has the highest number of days in the options given above, with 31 days compared to the others with 30 days within a calendar month. The billing cycle is used to refer to a time interval between the end and the next billing or statement date. In the scenario above, the billing cycle length is monthly, meaning the periodic interest will be paid over a 31 day span time before thre beginning of another cycle.

    For example, if periodic interest is $1 per day, this amount totals ($1 × 31) in december compared to the ($1 × 30) Interest in the June, April and September billing cycle.

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