Which statement is true about an annual percentage rate (APR)?(1 point) Responses It is of little interest to the average borrower. It is of little interest to the average borrower. It is equal to the interest rate times the principal. It is equal to the interest rate times the principal. It is reduced every time you make a payment. It is reduced every time you make a payment. It is a simple way to compare all the various elements of different loans.

Question

Which statement is true about an annual percentage rate (APR)?(1 point) Responses  It is of little interest to the average borrower. It is of little interest to the average borrower.  It is equal to the interest rate times the principal. It is equal to the interest rate times the principal.  It is reduced every time you make a payment. It is reduced every time you make a payment.  It is a simple way to compare all the various elements of different loans.

GPT 3.5 · Answer

It is a simple way to compare all the various elements of different loans.