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The percent of principal paid as interest each year is the:

AAverage rate
BAdjusted rate
CAnnual rate
DActual rate
Answer & Solution
Correct answer: C. Annual rate
1. It is how a borrower's cost is usually quoted. 2. It applies for each year the money is borrowed. 3. It is the annual percentage rate. _Source: OpenStax 'Contemporary Mathematics', Ch 6 'Money Management' (CC BY)_
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