Lee pays one percent per month interest on his credit card account. When his mon

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1.       Lee pays one percent per month interest on his credit card account. When his monthly rate is multiplied by 12, the resulting answer is referred to as the: Answer                                         
              annual percentage rate.                             
              compounded rate.                             
              effective annual rate.                             
              perpetual rate.                             
              simple rate.                                        

      

1.       Lee pays one percent per month interest on his credit card account. When his monthly rate is multiplied by 12, the resulting answer is referred to as the: Answer                                         
              annual percentage rate.                             
              compounded rate.                             
              effective annual rate.                             
              perpetual rate.                             
              simple rate.                                        

         Lee pays one percent per month interest on his credit card account. When his monthly rate is multiplied by 12, the resulting answer is referred to as the: Answer                                         
           annual percentage rate.                             
           compounded rate.                             
           effective annual rate.                             
           perpetual rate.                             
           simple rate.                                         Lee pays one percent per month interest on his credit card account. When his monthly rate is multiplied by 12, the resulting answer is referred to as the: Lee pays one percent per month interest on his credit card account. When his monthly rate is multiplied by 12, the resulting answer is referred to as the: annual percentage rate. compounded rate. effective annual rate. perpetual rate. simple rate.                                                                           
           annual percentage rate.                             
           compounded rate.                             
           effective annual rate.                             
           perpetual rate.                             
           simple rate.

Explanation / Answer

compounded rate.

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