Answer:
The given statement is TRUE
Step-by-step explanation:
APR is the abbreviated form of Annual Percentage Rate.
This is a type of measurement which is used to compare different loans, the Annual Percentage Rate takes into consideration the following factors : associated loan's interest rate, loan interest term, and fees to calculate the total cost of credit expressed as a yearly rate.
Therefore, The lower the Annual Percentage Rate, the lower the total cost of the loan.
Hence, The given statement is TRUE
And the Annual Percentage Rate or APR can be used to compare different loans.
