Question $10$

Anna pays $\mathrm{.}85$ percent interest monthly on her credit card account. When the interest rate on that debt is expressed as if it were compounded annually, the rate would be referred to as the: annual percentage rate.

simplified rate.

quoted rate.

stated rate.

effective annual rate.

Question $17$

Which one of the following features distinguishes an ordinary annuity from an annuity due?

Number of equal payments

Amount of each payment

Frequency of the payments

Annuity interest rate

Timing of the annuity payments