The opening balance of one of jennies 30-day billing cycles for her credit card was $1220, and it remained that amount for the first 10 days of her billing cycle. she then made a purchase for $470, increasing her balance to $1690, where it remained for the next 10 days. jennie then made a payment of $350, so her balance for the last 10 days of the cycle was $1340. the apr of jennies credit card is 33%, question 1: what is her periodic interest rate? question 2: how much was jennie charged in interest for the billing cycle?

1) 2.71%

2) $38.32

Step-by-step explanation:

Opening balance = $1220

Balance after 10 days (after expense) = $1690

Balance after 10 days(after payment) = $1340

APR = 33%

1) Periodic interest rate = APR ×

                                  =  33%× 30/365

                                  = 2.71%

2) Interest charged for first 10 days =

                                                              = $11.02

Interst charged for the next 10 days =

                                                            = $15.2

Interest charged for the next 10 days =

                                                           = $12.10

Total interest for 30 days = 11.02+15.2+12.10

                                          = $38.32