recently took out a mortgage requiring monthly repayments. Each month the lender will charge me $0\mathrm{.}5\%$ in interest on my remaining balance. This $0\mathrm{.}5\%$ interest rate is best described as the:

Group of answer choices

Annual Percentage Rate $($APR$)$

Periodic Interest Rate

Effective Annual Rate $($EAR$)$

Simple Interest Rate

None of the AboveI I