They also argue that interest on loans is an astonishing 4, 000% when calculated as an annual percentage rate.
In one example, two credit cards advertised the same annual percentage rate but differed by as much as 70% in the eventual cost to the cardholder.
Annual percentage rate is the annual rate charged for borrowing.
For instance, Apple offers customers up to 18 months interest-free on purchases on a card from Barclaycard US. But if you don't pay off that specific purchase in the interest-free period, you'll face a variable annual percentage rate that's currently about 23%, according to the Apple website.
Industry representatives complain that using an annual percentage-rate to evaluate the cost of a one or two-week loan is misleading.
In France, consumer prices jumped in May by 0.7% because of rising food prices and resurgent oil prices, lifting the annual rate by half a percentage point.
But, far from supporting the recovery, our export sector actually pulled it down in 2012, with net exports subtracting about 0.8 percentage points from the annual rate of growth.
The ACP believes that the expansion, once completed, will boost Panama's annual growth rate by 1.2 percentage points, helping GDP grow to 2.5 times the 2005 level by 2025.
It appears fair to say that an increase in total government size of ten percentage points in tax revenue or expenditure as a share of GDP is on average associated with an annual lower growth rate of between one-half and one percentage point.
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According to calculations by White House economists, slowing the annual growth rate of health care costs by 1.5 percentage points might increase economic output by 2 percent in 2020 and 8 percent in 2030.
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We estimate that slowing the annual growth rate of health care costs by 1.5 percentage points would increase real gross domestic product (GDP), relative to the no-reform baseline, by over 2 percent in 2020 and nearly 8 percent in 2030.
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After all, average annual health spending is expected to outpace the rate of economic growth by 1.1 percentage points through 2020.
In particular, we look at the effects of slowing the annual growth rate of health care costs by 1.5, 1.0, and 0.5 percentage points.
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