$597.24 $1,620.45 Question 3 Which of the following statements is FALSE? Although an APR is quoted on an annual basis, interest can be paid quarterly. The APR can be referred to as a promised annual percentage rate. paid monthly but neve Although an APR is quoted on an annual basis, interest can The period in which interest is applied or the frequency of times interest is added to period or compounding periods per year. I PLS s, interest can be paid quarterly. nual percentage rate. is, interest can be paid monthly but never daily. e frequency of times interest is added to an account each year is called the compounding