Which statement is true about an annual percentage rate (APR)?(1 point)
Responses
It is of little interest to the average borrower.
It is of little interest to the average borrower.
It is reduced every time you make a payment.
It is reduced every time you make a payment.
It is a simple way to compare all the various elements of different loans.
It is a simple way to compare all the various elements of different loans.
It is equal to the interest rate times the principal.
1 answer
The true statement about an annual percentage rate (APR) is:
It is a simple way to compare all the various elements of different loans.
APR provides a standardized measure that includes the interest rate and any associated fees, making it easier for borrowers to compare loan offers.
