2 years ago

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

1 answer:

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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Step-by-step explanation:

For a problem like this, it is convenient to write the mixed number as an improper fraction:

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Now, multiply the equation by the reciprocal of the coefficient of K.

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