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What is the relationship between an annually compounded rate and the annual percentage rate (APR) which is calculated for truth-in-lending laws for a loan requiring

What is the relationship between an annually compounded rate and the annual percentage rate (APR) which is calculated for truth-in-lending laws for a loan requiring monthly payments?

Multiple Choice

  • The APR is lower than the annually compounded rate.

  • The APR is higher than the annually compounded rate.

  • The APR equals the annually compounded rate.

  • The answer depends on the interest rate.

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