Question
What is an annual percentage rate (APR)?
It's another term for variable interest.
A percentage of the loan that is charged to cover the cost of giving the loan.
Additional costs paid each year in order to borrow money in loans, including both interest and fees.
☐ The charge from the loan company for sending your loan to your school.
Say the naswer
It's another term for variable interest.
A percentage of the loan that is charged to cover the cost of giving the loan.
Additional costs paid each year in order to borrow money in loans, including both interest and fees.
☐ The charge from the loan company for sending your loan to your school.
Say the naswer
Answers
GPT-4o mini
The correct answer is: **Additional costs paid each year in order to borrow money in loans, including both interest and fees.**
The APR represents the annualized cost of borrowing, expressed as a percentage, and it encompasses both the interest rate and any associated fees.
The APR represents the annualized cost of borrowing, expressed as a percentage, and it encompasses both the interest rate and any associated fees.