Two key concepts that you should keep in mind when borrowing are the finance charge and the annual percentage rate.

Question

Quizplus · Accepted Answer

The finance charge is the total cost of borrowing, including interest and other fees, while the annual percentage rate (APR) is the interest rate expressed as a yearly percentage. Both concepts are important to consider when borrowing as they give a clearer understanding of the overall cost of the loan.

Two Key Concepts That You Should Keep in Mind When