You Are Paying an Effective Annual Rate of 12

question 61

Multiple Choice

You are paying an effective annual rate of 12.68% on your credit card.The interest is compounded monthly.What is the annual percentage rate on your account?

• A)11.50%
• B)12.00%
• C)13.00%
• D)13.80%
• E)14.71%

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Definitions:

Developing Countries

Nations with a lower standard of living, underdeveloped industrial base, and low Human Development Index relative to other countries.

Ethical Tone

The overall mood or character regarding ethics within an organization, reflecting its commitment to ethical principles in decision-making and actions.

Ethical Standards

Principles that guide behavior and practices in both personal and professional contexts, based on notions of right and wrong.

Global Community

A term referring to the international network of individuals, societies, and nations interacting and interdependent upon one another.