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AP® Macroeconomics

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APR Definition

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Which of the following choices most accurately demonstrates the meaning of the term APR?

A

Monthly charge for use of money.

B

Quarterly charge for use of money.

C

Annual charge for use of money.

D

This acronym refers to how much profit banks make when they lend money at a given interest rate.

E

This acronym refers to the number of loan customers they turn away due to bad credit..