Since mortgages typically have multiple costs associated with them, a borrower may attempt to reduce these costs into a single measure in order to compare two or more mortgages. Which of the following measures is a popular tool for comparing the cost of several mortgages?

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The annual percentage rate (APR) is a single measure that includes the interest rate, mortgage insurance, and other fees associated with the mortgage. It provides a more accurate comparison of the total cost of the mortgage than just looking at the contracted interest rate or upfront fees. The teaser rate is only an introductory rate and does not represent the total cost of the mortgage.

Since Mortgages Typically Have Multiple Costs Associated with Them, a Borrower