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I recently took out a mortgage requiring monthly repayments. The advertsied interest rate was 5%. This 5% interest rate is best described as the: Annual

I recently took out a mortgage requiring monthly repayments. The advertsied interest rate was 5%. This 5% interest rate is best described as the:

Annual Percentage Rate (APR)

Periodic Interest Rate

Effective Annual Rate (EAR)

Simple Interest Rate

None of the Above

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