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Personal Finance - EL3403
How Credit Works
Question 122676
122676
Assignment
Multiple Choice
How Credit Works
Question 122676 • Personal Finance - EL3403
Which statement best compares these two loans?
Answer
A
The annual percentage rate for loan A is higher than the rate for loan B.
B
The interest for loans A and B will cost the borrower the same amount over time.
C
The interest is about half the principal for A and almost equal to the principal for B.
D
The total payment for A is higher than for B, even though the principal is actually lower.
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