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Anna pays 1.5 percent interest monthly on her credit card account. When the interest rate on that debt is expressed as if it were compounded only annually, the rate would be referred to as the:

a- annual percentage rate

b- compounded rate

c- quoted rate

d- stated rate

e- effective annual rate

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M969254

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