Beatrice Has a Credit Card That Applies Interest Every Month

question 49

Multiple Choice

Beatrice has a credit card that applies interest every month to her account balance. In this case, Beatrice is paying an interest rate that:

• A) Equals the rate stated on her billing statement as the APR.
• B) Is equal to the APR compounded continuously.
• C) Is greater than the APR shown on her billing statement.
• D) Is equal to the annual percentage rate as required by the government.
• E) Will decline automatically as her account balance declines.

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