To calculate the periodic interest rate for the given credit card, we need to follow these steps:
1. Understand the Annual Percentage Rate (APR):
- The APR given is [tex]\(10.82 \%\)[/tex].
2. Determine the number of billing cycles in a year:
- Since a year has [tex]\(365\)[/tex] days and the billing cycle is [tex]\(30\)[/tex] days long, the number of billing cycles in a year is [tex]\(\frac{365 \text{ days}}{30 \text{ days per billing cycle}} \approx 12.167 \text{ cycles}\)[/tex].
3. Compute the periodic interest rate:
- The periodic interest rate can be calculated as:
[tex]\[
\text{Periodic Interest Rate} = \left( \frac{\text{APR}}{\text{Number of billing cycles in a year}} \right)
\][/tex]
- Plugging in the values:
[tex]\[
\text{Periodic Interest Rate} = \left( \frac{10.82 \%}{12.167} \right)
\][/tex]
[tex]\[
= 0.889 \%
\][/tex]
Thus, the periodic interest rate is approximately [tex]\(0.89 \%\)[/tex], which corresponds to option [tex]\(C\)[/tex].
So, the correct answer is C. [tex]$0.89 \%$[/tex].
