The APR can be used to compare credit contracts with different time periods,finance charges,repayment schedules,and amounts borrowed.

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This is a true statement. APR, or Annual Percentage Rate, is a standardized way to compare the cost of borrowing money across different credit contracts. It takes into account the interest rate, fees, and other charges associated with the loan, and expresses these costs as an annual percentage of the total amount borrowed. By using APR, consumers can compare credit offers with different terms and conditions to find the best deal.

The APR Can Be Used to Compare Credit Contracts with Different