Responses
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.
It is a simple way to compare all the various elements of different loans.
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.
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 provides a more comprehensive measure of the cost of borrowing because it includes not just the interest rate, but also any fees or additional costs associated with the loan. This makes it easier for borrowers to compare different loan offerings.
