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3 years ago

When a lender charges interest, it is known as:

2 answers:

8 0

When a lender charges interest, it is known as: A. Annual Percentage Rate (APR) The annual percentage rate is the rate of interest lenders such as credit card companies use when charging interest on borrowed funds from their users. The annual percentage rate is divided by the 12 months in the year and then charged each month on the finances that are not paid off.

Hitman42 [59]3 years ago

3 0

<u>Option A is correct. </u>

<u>When a lender charges interest it is known as an annual percentage rate (APR). </u>

Further explanation:

Annual percentage rate (APR):

The annual percentage rate (APR) shows the interest rate for the annual year.The annual percentage rate is significant as it gives the idea or the estimation of the amount which is to be paid for the loan amount.

Justification for the correct and incorrect answer:

Annual Percentage Rate (APR): This option is correct.

The annual percentage rate (APR) shows the annual percentage rate of interest. It tells the amount of interest charged on the loan amount.

Surplus: This option is incorrect.

Surplus is basically the excess amount of the production.

Deficit: This option is incorrect.

Deficit refers to the very low or less amount.

Drawbacks: This option is incorrect.

Drawbacks are the problems or disadvantages.

<u>Thus, when a lender charges interest it is known as an annual percentage rate (APR). </u>

Learn more:

1. Common credit card fee

brainly.com/question/1124275

2. Charging fee in case of credit card

brainly.com/question/2668305

3. Consequences of non-payment of monthly credit card payment

brainly.com/question/3211811

Answer details:

Grade: High School

Subject: Business studies

Chapter: Money and banking

Keywords: When a lender charges interest, it is known as, Annual Percentage Rate (APR), Surplus, Deficit, Drawbacks, low, less, amount, excess, production, interest charged, loan amount, annual year, annual, percentage, shows, problems, disadvantages, tells the amount, credit card payment, loan, money.

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