3.7 How Credit Works Answers

What are the characteristics of an annual percentage rate? Check all that apply.It can change over time for certain kinds of loans.It is the interest charged each year for a loan.It requires the borrower to pay all the principal at once.It can be reduced to reflect the borrower’s credit history.It has little impact on the amount the borrower must repay.

Examples of secured loans are and loans.

Personal loans can be borrowed from a bank or a financial institution, and loans are borrowed from individuals.

Title and payday loans have interest rates while peer-to-peer loans typically have interest rates.

Title and payday loans have interest rates while peer-to-peer loans typically have interest rates.