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The Effective Annual Rate (EAR) is the interest rate expressed assuming that compounding will take place once per year. The Annual Percentage Rate (APR) is

The Effective Annual Rate (EAR) is the interest rate expressed assuming that compounding will take place once per year. The Annual Percentage Rate (APR) is the rate that is charged each period multiplied by the number of periods. Truth-in-Lending requires all banks to use the APR.

When you see an advertisement for a bank mortgage or savings account, which rate will be in the advertisement?

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