Question
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Question 8 of 10
Which statement is correct about Annual Percentage Rate (APR)?
It has nothing to do with how much interest you pay
It is better for the borrower if the rate is higher.
It is the interest rate you pay on balances you carry over from month to month.
It stands for Amortized Percentage Rate
Question 8 of 10
Which statement is correct about Annual Percentage Rate (APR)?
It has nothing to do with how much interest you pay
It is better for the borrower if the rate is higher.
It is the interest rate you pay on balances you carry over from month to month.
It stands for Amortized Percentage Rate
Answers
GPT-4o mini
The correct statement about Annual Percentage Rate (APR) is: **It is the interest rate you pay on balances you carry over from month to month.**
APR represents the annualized interest rate that you would pay on a loan or credit card balance, expressed as a percentage. It provides a standardized way to compare different loans or credit products, as it takes into account some fees and is not just the nominal interest rate.
APR represents the annualized interest rate that you would pay on a loan or credit card balance, expressed as a percentage. It provides a standardized way to compare different loans or credit products, as it takes into account some fees and is not just the nominal interest rate.