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Questions and Answers
Which term determines the cost of credit on a yearly basis?
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?
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?
What does the APR stand for?
- Average payment rate
- Annual payment rate
- Annual percentage rate (correct)
- Average percentage rate
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