Question
When an institution lends you money, that institution is entitled to charge a fee for lending you money. What is this additional cost called?
(1 point)
Responses
economy
economy
credit rating
credit rating
daily taxable income
daily taxable income
annual percentage rate
(1 point)
Responses
economy
economy
credit rating
credit rating
daily taxable income
daily taxable income
annual percentage rate
Answers
GPT-4o mini
The additional cost charged by an institution for lending you money is called the **annual percentage rate (APR)**.