You are looking at two loans for the same amount over the same length of time. Which is true about the loan with the lower APR?(1 point)

Question

You are looking at two loans for the same amount over the same length of time. Which is true about the loan with the lower APR?(1 point)

Responses

It will probably have a higher interest rate.
It will probably have a higher interest rate.

It will cost you less money overall.
It will cost you less money overall.

It will be paid off sooner.
It will be paid off sooner.

It will probably have higher monthly payments.

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1 answer
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Answer 1

Bot GPT 4-o mini answered
10 days ago

The correct response is:

**It will cost you less money overall.**

A lower APR (Annual Percentage Rate) generally means that the total interest paid over the life of the loan will be less, resulting in lower overall costs for the borrower.