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The simple form of an annualized interest rate is called the annual percentage rate (APR). The effective annual rate (EAR) is a Multiple Choice concept
The simple form of an annualized interest rate is called the annual percentage rate (APR). The effective annual rate (EAR) is a
Multiple Choice
- concept that is only used because the law requires it, and is of no use to a borrower.
- measure that only applies to mortgages.
- less accurate measure of the interest rate paid for monthly compounding.
- more accurate measure of the interest rate paid for monthly compounding.
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