When interest rates are stated or given for loan repayments,it is assumed that they are ________ unless specifically stated otherwise.
A)daily rates
B)annual percentage rates
C)effective annual rates
D)APYs

Question

Quizplus · Accepted Answer

When interest rates are stated or given for loan repayments, it is assumed that they are annual percentage rates (APR) unless specifically stated otherwise. The APR is the yearly interest rate that is charged on a loan, and it includes any additional fees or charges associated with the loan. Other options, such as daily rates, effective annual rates, and APYs, may also be used to represent interest rates, but these are not typically assumed unless explicitly stated.

When Interest Rates Are Stated or Given for Loan Repayments,it