21 May WHICH ONE OF THE FOLLOWING STATEMENTS CONCERNING THE ANNUAL PERCENTAGE RATE IS CORRECT?
Which one of the following statements concerning the annual
percentage rate is correct?
The rate of interest
you actually pay on a loan is called the annual percentage rate.
The effective annual
rate is lower than the annual percentage rate when an interest rate is
compounded quarterly.
The annual
percentage rate considers interest on interest.
The annual
percentage rate equals the effective annual rate when the rate on an account is
designated as simple interest.
When firms advertise
the annual percentage rate they are violating U.S. truth-in-lending laws.
Question 2
2 / 2 pts
Paying off long-term debt by making installment payments is
called:
funding the debt.
foreclosing on the
debt.
calling the debt.
amortizing the debt.
None of these.
Question 3
2 / 2 pts
An annuity stream of cash flow payments is a set of:
increasing cash
flows occurring each time period forever.
level cash flows
occurring each time period for a fixed length of time.
arbitrary cash flows
occurring each time period for no more than 10 years.
increasing cash
flows occurring each time period for a fixed length of time.
level cash flows
occurring each time period forever.
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