What does 12% per annum mean.

"12% per annum" means that the interest, growth, or any other percentage-based value is calculated at a rate of 12 percent for each year. The term "per annum" is a Latin phrase meaning "per year" or "annually."

For example, if you have an investment of $1000 and it earns 12% interest per annum, after one year, the amount of interest earned would be 12% of $1000, which is $120. So, at the end of the year, the total amount would be $1120.

This concept is commonly used in finance and investments to indicate how much an amount will increase (or decrease) over the course of a year based on a percentage rate.