Which of the following best describes the concept of APR?(1 point)

Question

Responses

Summary of all credit card transactions in one month
Summary of all credit card transactions in one month

The maximum amount one can charge on their credit card
The maximum amount one can charge on their credit card

The fee charged if a credit card payment is late
The fee charged if a credit card payment is late

The credit card interest rate, calculated on a yearly basis

Answer 1

The response that best describes the concept of APR is:

The credit card interest rate, calculated on a yearly basis.