What Is the APR If a Bank Pays 0

question 9

Multiple Choice

What is the APR if a bank pays 0.4% interest monthly on savings?

• A) 1.8%.
• B) 2.4%.
• C) 3.6%.
• D) 4.8%.

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Definitions:

Canada

A country located in the northern part of North America, known for its vast landscapes, multicultural diversity, and being a member of the Commonwealth representing a constitutional monarchy.

Wealthy Planters

Individuals or families who own large agricultural estates, often worked by slaves or laborers, and hold significant social, economic, and political power.

Backcountry Farmers

Farmers in the 18th and 19th centuries located in remote rural areas of the American colonies and the United States, often living on the frontier and practicing subsistence farming.

Benedict Arnold

An American military officer who served during the Revolutionary War before defecting to the British side, becoming synonymous with the term traitor.