Responses
It is equal to the interest rate times the principal.
It is equal to the interest rate times the principal.
It is a simple way to compare all the various elements of different loans.
It is a simple way to compare all the various elements of different loans.
It is reduced every time you make a payment.
It is reduced every time you make a payment.
It is of little interest to the average borrower.
1 answer
The true statement about an annual percentage rate (APR) is:
It is a simple way to compare all the various elements of different loans.
APR represents the total cost of borrowing on a loan, including the interest rate and any additional fees, allowing borrowers to better compare loan options.
