Question 1 • ***CPS Online Personal Finance fall – 3-2027
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.
Answer
A
It can change over time for certain kinds of loans.
B
It is the interest charged each year for a loan.
C
It requires the borrower to pay all the principal at once.
D
It can be reduced to reflect the borrower’s credit history.
E
It has little impact on the amount the borrower must repay.