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Question 16 (1 point) John pays 1 percent per month interest on his credit card account. When his monthly rate is multiplied by 12, the

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Question 16 (1 point) John pays 1 percent per month interest on his credit card account. When his monthly rate is multiplied by 12, the resulting answer is referred to as the: 1) annual percentage rate. O2) effective annual rate. 3) simple rate. 4) compounded rate. 5) perpetual rate

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