the interest rate you are charged for one payment period
The periodic rate refers to the interest you have to pay in each payment of a loan. It is established by dividing the annual interest rate by the number of payment periods. According to this, the answer is that the periodic rate is the interest rate you are charged for one payment period.
The interest rate is that you are being charged for one payment period.
The periodic rate is nothing but the annual percentage rate over the number of billing periods in a whole year. It is an interest rate that is charged for the loan that you have received.
It depends on the amount left for you to repay each day or each month depending on whether it is the daily periodic rate or a monthly periodic rate. Basically, if there are large amounts left for you to pay at the end of a day or a month, interest rates will be calculated based on that and hence greater will be the periodic rate.
you just devide 222 by 0.81
an interest rate that changes over the term of the loan