Lee pays one 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 one 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 One Percent Per Month Interest on His Credit