Lee 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:

Name: Lee 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:
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Question

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The annual percentage rate (APR) is the annual rate charged for borrowing or earned through an investment, which is calculated by multiplying the monthly interest rate by 12.

Lee Pays 1 Percent Per Month Interest on His Credit