Interest Rates and APR Quiz
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Questions and Answers

Which term determines the cost of credit on a yearly basis?

  • Interest rate
  • Annual percentage rate (APR) (correct)
  • Yearly basis
  • Cost of credit

What do you need to know about the interest rate during the year?

  • If it is low
  • If it will stay the same
  • If it is high
  • If it will change (correct)

What does the APR stand for?

  • Average payment rate
  • Annual payment rate
  • Annual percentage rate (correct)
  • Average percentage rate

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