a primary credit cardholder has a current apr of 19.99%. what is the monthly periodic interest rate, rounded…

Explanation:

Step1: Recall the formula for monthly periodic rate

The formula for the monthly periodic interest rate ( r_m ) when given the annual percentage rate (APR) ( r_a ) is ( r_m=\frac{r_a}{12} ).

Step2: Substitute the given APR value

Given ( r_a = 19.99%=0.1999 ) (in decimal form). Then ( r_m=\frac{0.1999}{12}). [ \begin{align*} r_m&=\frac{0.1999}{12}\ &= 0.016658\cdots \end{align*} ]

Step3: Convert to percentage and round

To convert to a percentage, multiply by ( 100): (r_m = 1.6658\cdots%). Rounding (1.6658\cdots%) to the nearest hundredth of a percent gives (1.67%).

Answer:

1.67%