Ramon took out a car loan with an interest rate of 10 percent and paid $100 in loan application fees. What term describes the am

Question

Nimfa-mama [501]

3 years ago

9

Ramon took out a car loan with an interest rate of 10 percent and paid $100 in loan application fees. What term describes the am

ount of interest Ramon will pay?
down payment
capacity
APR
capital

Mathematics

1 answer:

Drupady [299] · Answer 1 · 2022-02-04T00:03:36+03:00

The term describes the amount of interest Ramon will pay is APR, annual percent rate which is 10%. The term annual percentage rate of charge (APR), corresponding sometimes to a nominal APR and sometimes to an effective APR (or EAPR), describes the interest rate for a whole year (annualized), rather than just a monthly fee/rate, as applied on a loan,