Question

The periodic rate is _____.

a) an interest rate that changes over the term of the loan

b) the interest rate you are charged for one payment period

c) the APR multiplied by twelve

d) the amount of time you have to pay your loan

Answer 1

C is the correct answer

Periodic rate is foud by multipluing the anual prcentage rate by twelve.

Answer 2

It's C because the APR divided or multiplied by the number of months in a year, or 12