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An annual rate of 16 if quoted by credit card issuer...

This question belongs to Commerce Financial Management
Financial Management
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An annual rate of 16% if quoted by credit card issuer usually a bank is classified as

Answer & Solution
Correct Answer: Option C
An annual rate of 16% if quoted by credit card issuer usually a bank is classified as annual percentage rate. An annual percentage rate (APR) is the annual rate charged for borrowing or earned through an investment. APR is expressed as a percentage that represents the actual yearly cost of funds over the term of a loan.
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