Which of the Following Statements Is FALSE

question 4

Multiple Choice

Which of the following statements is FALSE?

• A)The APR can be referred to as a promised annual percentage rate.
• B)Although an APR is quoted on an annual basis,interest can be paid quarterly.
• C)The period in which interest is applied or the frequency of times interest is added to an account each year is called the compounding period or compounding periods per year.
• D)Although an APR is quoted on an annual basis,interest can be paid monthly but never daily.

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Definitions:

Polygamy

A marriage system in which an individual has more than one spouse simultaneously.

Spouse

A partner in a marital relationship, defined by a legal or customary bond.

Domestic Partnerships

A legal or personal relationship between two individuals who live together and share a domestic life but are not married.

Socially Binding Contract

A socially binding contract is an agreement, either explicit or implicit, among members of a society or community, establishing social norms, responsibilities, and expectations.