ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The amount of the loan per year as a percentage of the amount borrowed.
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Interest
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Fees
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Annual Percentage Rate
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Installment Loan
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Explanation:
Detailed explanation-1: -A loan’s Annual Percentage Rate, or APR, is the cost of your mortgage credit as a yearly rate. Your Annual Percentage Rate is typically higher than your interest rate because it includes your interest rate plus certain fees, such as lender and mortgage broker fees, based on the specific characteristics of your loan.
Detailed explanation-2: -How do you find the annual percentage rate? APR can be found with the formula, APR = ((Interest + Fees / Principal or Loan amount) / N or Number of days in loan term)) x 365 x 100.
Detailed explanation-3: -Interest Rate-The cost of borrowing money expressed as a percentage of the amount borrowed (principal).
There is 1 question to complete.