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Terms that begin with P
Periodic rate is the interest rate on a loan or credit card account expressed in relation to a certain amount of time. Most credit card issuers calculate finance charges based on periodic rate. Examples of periodic rates would include a monthly periodic rate, which is the cost of credit per month and a daily periodic rate, which is the cost of credit per day. The monthly periodic rate is calculated by dividing the APR by 12, and the daily periodic rate is calculated by dividing the APR by 365.
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