APR, or Annual Percentage Rate, is primarily used to allow you to compare the costs of different loans. It reflects the total yearly cost of borrowing expressed as a percentage of the loan amount, including interest and any additional fees, making it easier to compare loan offers from different lenders.
What is APR used for? (1 point) Responses It defines the value of the house or car being bought. It defines the value of the house or car being bought. It lowers the size of your monthly payments. It lowers the size of your monthly payments. It indicates how much you should pay. It indicates how much you should pay. It allows you to compare the costs of different loans.
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