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3 years ago

APR on a loan may be adjusted based on a borrower’s

Business

2 answers:

horsena [70]3 years ago

8 0

APR on a loan may be adjusted based on a borrower’s

credit history

Nimfa-mama [501]3 years ago

5 0

Option B is correct. APR on loan may be adjusted base on a borrower’s credit history.

Further Explanation:

The percentage rate is the full form of APR. It is the interest rate charged by the loan or credit provided to borrowers. It depends on the credit history of the borrowers. After reviewing the credit history of the borrower, the current APR is determined by the new provider. APR is computed by the summation of the interest and principal of the previous loan by dividing the months taken to pay back the amount of loan.

Justification for the correct and incorrect answer:

Offered collateral: This option is incorrect.

Collateral is the security that has been deposited before taking the loan or credit from the loan provided. If in the future, the borrower may not able to pay the amount of credit, the provider may sell the security to get back his money back. Collateral is depended on the amount of loan or credit that has been taken. This statement is incorrect that APR may be adjusted on offered The annual.

Credit history: This option is correct.

After reviewing the credit history of the borrowers, the current APR determined by the new provider. This is the correct statement.

Loan fees: This option is incorrect.

Loan fees are the number of fees that have been paid by the borrowers before taking the loan. Loan fees contain the expenses on paperwork and extra fees that may be charged.

Scheduled repayments: This option is incorrect.

Scheduled repayments are not the basis of determining the APR. This statement is not correct.

Learn more:

1. Learn more about credit card

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2. Learn more about loan

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3. Learn more about repayment

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Answer details:

Grade: Middle School

Subject: Accounting

Chapter: Money and Banking

Keywords:APR, loan, adjusted, borrower’s, offered collateral, credit history, loan fees, scheduled repayments, money and banking, interest, principal, security.

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