select the correct answer. how do you calculate the daily periodic rate? a. multiply the apr by 365 b…

select the correct answer. how do you calculate the daily periodic rate? a. multiply the apr by 365 b. divide the apr by 365 c. add 365 to the apr

select the correct answer. how do you calculate the daily periodic rate? a. multiply the apr by 365 b. divide the apr by 365 c. add 365 to the apr

Answer

Explanation:

Step1: Recall APR and daily rate relation

APR (Annual - Percentage - Rate) is the annual interest rate. To get the daily periodic rate, we need to divide the annual rate over 365 days (assuming a non - leap year).

Step2: Determine the correct operation

The correct operation to calculate the daily periodic rate from APR is division. We divide the APR by 365.

Answer:

B. divide the APR by 365