In a generic context (without specifying a specific application or industry), what is meant when interest rates are quoted as an APR? O APR implies a periodic rate, but is ambiguous about how long this period is.
O APR is the effective interest rate, compounded over 12 months O APR implies an annual rate, but is ambiguous about how this rate is calculated. O APR is the simple interest rate over 6-months, doubled O APR is the simple interest rate, compounded over 12 months