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zubka84 [21]
3 years ago
11

Explain why the APR does not compare loans for different lengths of time

Mathematics
1 answer:
Usimov [2.4K]3 years ago
7 0

Answer:

APR does not tell you how long your rate is locked for. A 15-year loan may have a lower interest rate, but could have a higher APR, since the loan fees are amortized over a shorter period of time. It is not wise to compare a 30-year loan with a 15-year loan using their respective APRs.

Step-by-step explanation:

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